Metaplanet Reduces Share Pool to Address Dilution Concerns
Metaplanet, a Japanese Bitcoin treasury company, has announced a significant reduction in its Series 10 share pool by 41.1%, from 319.464 million shares to 188.19 million, following shareholder concerns over dilution. The number of available future exercises will also decrease by 55.5%. CEO Simon Gerovich stated the move eliminates more than $220 million in warrant value and increases Bitcoin per fully diluted share by approximately 8.8%. Shares acquired through these rights remain subject to a lock-up until August 17, 2031. The company also scrapped plans to transfer up to 90,000 rights for employee incentives and will instead develop a new compensation plan with the help of an external consultant. Metaplanet's shares closed down by 3.8% on Friday, continuing their nearly 40% decline year-to-date. The company previously denied selling $320 million worth of Bitcoin after internal transfers between custodial wallets.
Topics: dilution stock_rights treasury_company