Metaplanet Reduces Stock Pool Amid Shareholder Concerns
- Metaplanet will reduce its Series 10 stock acquisition rights by 131.3 million shares, from 319.464 million to 188.19 million.
- The conversion ratio will reset from 1:696 to 1:410, increasing Bitcoin per fully diluted share by approximately 8.8%.
- Shareholder backlash followed the expansion of the option pool, which increased from 46 million to 319.5 million shares.
- Metaplanet plans to establish a subsidiary in Hong Kong with an initial capital of $1 million, focusing on trading Bitcoin and other assets.
- The company’s stock fell by 3.8% on Friday, marking a total decline of 15% over five days.
In response to shareholder concerns regarding dilution, Metaplanet is amending its stock acquisition rights and withdrawing plans for an incentive vehicle for employees. The adjustments are part of a broader strategy that includes launching a new asset management subsidiary in Hong Kong.
This restructuring aims to align management interests with shareholders while addressing dilution issues highlighted by the recent expansion of the option pool. (Source)
