Super League shareholders approved the issuance of up to 435.9 million common shares under agreements involving Metaplanet and Evo Fund, according to a company announcement and SEC filing. The approval does not mean the transaction is complete. Under the deal, Metaplanet would contribute 2,100 Bitcoin and $2.5 million in exchange for 44.86 million common shares, preferred stock with governance rights and 10-year warrants.
The transaction would give Metaplanet control of Super League, including the ability to designate a majority of its board; its common shares would be locked up for five years. Super League plans to rebrand as Superplanet and use the Nasdaq ticker SUPA. It intends to fund further Bitcoin purchases mainly through senior, non-convertible perpetual preferred shares, while Metaplanet would have the option to invest up to $210 million in junior preferred stock.
