[메자닌 투자파일] 피코그램, 첫 CB 후유증…풋 행사에 현금 부담

Picogram's struggle with massive put option exercises highlights the systemic risks small-cap tech companies face when stock performance fails to support debt-to-equity conversion. This case serves as a critical warning on how declining core business revenues combined with controversial dividend policies during financial deficits can severely deplete a firm's liquidity and its capacity to fund new growth engines.