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Metaplanet Cuts Series 10 Stock Pool by 41%, Plans Hong Kong Subsidiary
The change lowers dilution, extinguishes more than $220 million in warrant value and leaves the existing Aug. 17, 2031 lock-up unchanged.
- On Friday, Metaplanet CEO Simon Gerovich announced plans to establish Metaplanet Asset Management Asia Limited in Hong Kong with $1 million in initial capital while amending Series 10 stock acquisition rights to address shareholder dilution concerns.
- Metaplanet will cut 131.3 million potential shares by resetting the conversion ratio from 1:696 to 1:410, reducing the potential share count from 319 million to 188 million to address investor criticism over the option pool's expansion.
- The adjustment extinguishes more than $220 million in warrant value and increases Bitcoin per fully diluted share by 8.8%. VanEck head of digital asset research Matthew Sigel called the move a "meaningful concession" that better aligns management with shareholders.
- Part of Metaplanet's "Project Nova," the subsidiary will conduct trading in Bitcoin, equities, and credit products during Asian market hours while building a Bitcoin-centered platform spanning asset management, securities, and capital markets.
- Unvested Series 10 rights now face additional exercise restrictions, becoming exercisable in 2029, 2030, and 2031. Metaplanet shares fell 3.8% on Friday, bringing their five-day decline to 15%, according to Yahoo Finance.
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Metaplanet cuts Series 10 share dilution by 41% after investor concerns
Metaplanet has cut the potential shares tied to its Series 10 stock acquisition rights by 41.1%, reducing the pool from 319.46 million shares to 188.19 million while imposing new exercise restrictions through 2031. Metaplanet said in a Sept. 11 Tokyo…
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Metaplanet Cuts Series 10 Stock Pool by 41%, Plans Hong Kong Subsidiary
Metaplanet will cut 131.3 million potential shares tied to its Series 10 rights, extinguish more than $220 million in warrant value and form a Hong Kong subsidiary.
·New York, United States
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The Japanese treasury company Metaplanet is rowing back after fierce criticism. By reducing potential shares they want to increase the bitcoin yield for investors now. Source: BTC-ECHO BTC-ECHO
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