Dilution and Supply-Demand Risks from Stock Acquisition Rights Exercises and Venture Capital Share Sales
First written in FY2024. 3 of 4 entries say "Mitigated", first in FY2025. Latest entry: 2026-07-21.
The whole theme swung hardest in 2017: 17 of 34 companies on the "Worse" side.
9 other companies' latest entry also says "Mitigated".
- 2026-07-21MitigatedOccurring Fact
「Today, we received notice from JAFCO SV5 Shared Investment Limited Partnership, one of our principal shareholders, that the number of our shares it currently holds has fallen to 378,200 as a result of selling shares in our company. Accordingly, JAFCO SV5 Shared Investment Limited Partnership no longer qualifies as a principal shareholder of the company.」
JAFCO SV5 Shared Investment Limited Partnership reduced its holdings from 979,600 shares to 378,200, and its voting interest from 17.28% to 6.67%. Selling by the venture capital shareholder remains a supply-and-demand risk, but its ownership ratio has declined. - FY2026MitigatedAnnual report
「As of 31 March 2026, 258,800 shares had been granted, and the ratio of potential shares to total issued shares was 4.6%. ... Venture capital held a total of 26.02% of the company's issued shares, and shares held by VCs are generally likely to be sold in stages after listing.」
The ratio of potential shares declined from 5.9% in the previous fiscal year to 4.6%, and the VC ownership ratio declined from 30.68% to 26.02%. However, supply-demand risks from dilution and share sales remain. - FY2025MitigatedAnnual report
「As of 31 March 2025, 334,000 shares had been granted, and the ratio of potential shares to total issued shares was 5.9%. ... Venture capital held a total of 30.68% of the company's issued shares, and shares held by VCs are generally likely to be sold in stages after listing.」
The ratio of potential shares declined from 6.4% in the previous fiscal year to 5.9%, and the VC ownership ratio declined from 35.8% stated for the previous fiscal year to 30.68%. However, supply-demand risks from dilution and share sales remain. - FY2024First statedAnnual report
「The company has granted stock acquisition rights to directors and employees as incentives. As of 31 March 2024, 353,000 shares had been granted, and the ratio of potential shares to total issued shares was 6.4%.」
The company discloses that VC-held shares account for a total of 35.8%, as well as the possibility of sales after the lock-up period and changes in dilution and liquidity resulting from stock option exercises.