Metaplanet Faces Shareholder Backlash Over Executive Stock Pool Expansion
- Metaplanet’s executive stock pool was expanded to include an additional 273 million shares, raising concerns over stock dilution among shareholders.
- The pool is designed to be 20% of fully diluted shares, automatically increasing with new share issuance for Bitcoin accumulation.
- CEO Simon Gerovich announced a review of governance and compensation policies amid backlash from shareholders.
- Critics claim management took 26% of Bitcoin bought with shareholder funds, leading to calls for increased transparency.
- Metaplanet’s stock price fell approximately 16.3% over five days but saw a slight increase in Wednesday trading.
Shareholders are demanding the cancellation of the newly created shares and more clarity on future decisions following a significant expansion of Metaplanet’s executive option pool. The controversy highlights concerns about management compensation and shareholder equity in the company’s growing Bitcoin holdings.
With the recent expansion resulting in a total of 319.5 million shares, shareholders argue that this has exacerbated dilution issues significantly.(Source)
