Metaplanet Reduces Series 10 Share Pool by 41% Following Shareholder Concerns

Metaplanet, a Japanese Bitcoin treasury company, announced a significant reduction in its Series 10 stock acquisition rights, cutting the potential number of shares by 41.1% amid concerns over shareholder dilution. CEO Simon Gerovich stated that the company will decrease the number of shares tied to each right from 696 to 410, resulting in a total reduction from 319.464 million to 188.19 million shares.

The adjustment will also lower the number of shares available for future exercises by 55.5%, from 236.64 million to 105.366 million. The exercise price will remain at JPY 10 per share, and shares acquired through these rights will continue to be subject to a lock-up period until August 17, 2031. Shares already issued will not be canceled, but the changes will limit the number of shares that can be acquired in the future.

Gerovich indicated that this move would eliminate over $220 million in warrant value and increase the company's Bitcoin per fully diluted share by approximately 8.8%. The effective diluted share of Bitcoin is projected to rise to 0.0286646 BTC from 0.0263554 BTC as of the end of June. Additionally, Metaplanet has decided to forgo a plan to transfer up to 90,000 rights to a long-term officer and will instead explore a new equity-based compensation plan with the guidance of a global compensation consultant.

Following the announcement, Metaplanet's shares closed down by 3.8%, reflecting a nearly 40% decline year-to-date. This comes after the company recently denied allegations of selling $320 million worth of Bitcoin, clarifying that a transfer of 5,014 BTC was part of a routine custody operation.

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Source: KLEA News