Metaplanet cuts executive share pool by 41.1% amid shareholder pushback
The Tokyo-listed company lowered potential issuance to 188.19 million shares after shareholders challenged the dilution created by its executive compensation structure.
Metaplanet reduced the size of the share pool for its Series 10 stock acquisition rights by 41.1%. This decision follows shareholder concerns over significant dilution caused by the original executive compensation design. The change lowers the potential issuance to 188.19 million shares, a reduction of approximately 131.27 million from the previous figure of 319.464 million shares. Chief executive Simon Gerovich stated that this amendment extinguishes more than $220 million in warrant value and lifts bitcoin held per fully diluted share by about 8.8%. The adjustment brings the number of underlying shares for each Series 10 right down from 696 to 410. Gerovich explained the company had not intended to reward dilution that was non-accretive or only modestly accretive for existing shareholders. Metaplanet also withdrew plans to transfer up to 90,000 rights into a long-term incentive vehicle. The remaining unvested rights will become exercisable in three equal stages, with one-third available in 2029.
