Metaplanet Cuts Series 10 Stock Pool by 41%, Eyes Hong Kong Expansion
Metaplanet has made significant changes to its Series 10 stock acquisition rights amid shareholder concerns over dilution. The company's CEO, Simon Gerovich, announced a reduction of 41% in the number of potential shares underlying the rights. This change will extinguish more than $220 million in warrant value and increase the company’s Bitcoin per fully diluted share by about 8.8%, according to Gerovich.
The adjustment reduces the number of available shares from 319.464 million to 188.19 million, with a new conversion ratio of 1:410. Shares already delivered through prior exercises will not be returned or canceled, and only apply to future exercises. The change follows criticism from shareholders over the expansion of the option pool from 46 million shares to 319.5 million.
Metaplanet has also announced plans to establish a Hong Kong subsidiary, Metaplanet Asset Management Asia Limited, with $1 million in initial capital later in September. This is part of the company’s “Project Nova,” which aims to build a Bitcoin-centered platform spanning asset management, securities, capital markets and other financial services.