Metaplanet Adjusts Stock Acquisition Rights Amid Shareholder Concerns
- Metaplanet will reduce the number of potential shares from 319.464 million to 188.19 million, addressing dilution concerns.
- The conversion ratio for Series 10 rights will change from 1:696 to 1:410, increasing Bitcoin per fully diluted share by about 8.8%.
- The company plans to establish a new subsidiary, Metaplanet Asset Management Asia Limited, with an initial capital of $1 million.
- Shareholder backlash followed the expansion of the option pool, which increased from 46 million to over 319 million shares.
- Metaplanet’s stock fell by 3.8% on Friday, marking a total decline of 15% over five days.
In response to shareholder feedback, Metaplanet is amending its Series 10 stock acquisition rights and establishing a new asset management subsidiary in Hong Kong as part of its broader strategy to enhance alignment with investors and expand operations in Asia.
The revised terms are expected to extinguish over $220 million in warrant value, reflecting a significant shift in corporate governance aimed at mitigating dilution effects on existing shareholders.
