Dilution of Equity Value from New Share Issuance and Exercise of Stock Acquisition Rights, and VC Sell-off Risk
First written in FY2024. 11 of 15 entries say "Materialised", first in FY2025. Latest entry: 2026-10-15.
Chordia Therapeutics moved to the "Worse" side of this theme in 2025, 4 years after the typical company in this theme (2021).
The whole theme swung hardest in 2017: 17 of 34 companies on the "Worse" side.
43 other companies' latest entry also says "Materialised".
- 2026-09-09Materialisedfinance.yahoo.co.jp
「On 25 August, the company announced the issuance of its 12th Series of Stock Acquisition Rights and a ¥1.51 billion capital raise. On the same day, the share price fell 10.98% from the previous day to ¥73, while trading volume increased 478% from the previous day to 1,811,100 shares.」
The issuance of the 12th Series of Stock Acquisition Rights and the ¥1.51 billion capital raise were reported, giving concrete form to the dilution risk from the creation of new potential shares. - FY2026-H1MaterialisedAnnual report
「Number of shares delivered upon exercise during the interim accounting period (shares) 4,226,100 Funds raised from exercises during the interim accounting period (¥ thousand) 476,087」
The exercise of the ninth series of stock acquisition rights resulted in the issuance of 4,226,100 shares and raised ¥476,087 thousand during the interim accounting period. The total number of issued shares reached 73,730,900 at period-end, showing that the dilution risk had materialized as an actual increase in shares. - 2026-03-25MaterialisedShare Issuance and Disposal
「Number of warrants exercised since the beginning of the month and exercise ratio relative to the total number of warrants issued: 11,155 warrants (10.81% of the total 103,200 warrants issued)」
The bulk exercise of the Ninth Series Stock Acquisition Rights resulted in the delivery of 1,115,500 shares between 2 March and 25 March 2026, converting part of the potential shares into issued shares. - FY2025MaterialisedAnnual report
「As of the end of August 2025, the total number of shares issued by the company was 68,988,800, and the number of potential shares from stock acquisition rights was 5,727,000, representing 7.7% of the total number of issued shares and potential shares from stock acquisition rights. If these stock acquisition rights are exercised, the value per share of the company could be diluted.」
The number of issued shares increased by 1,310,000 during the fiscal year as a result of the exercise of stock acquisition rights. In addition, after the end of the fiscal year, stock acquisition rights equivalent to 17,200,000 shares were issued under the ninth through eleventh series, with the ninth series alone creating potential shares equivalent to 14.95% of the issued shares. - FY2025-H1Increase in Shares Through Exercise of Stock Acquisition RightsAnnual report
「1 September 2024–28 February 2025 (Note) 1,310,000 68,988,800 31,000 876,270 31,000 6,193,207 (Note) Increase resulting from the exercise of stock acquisition rights.」
The exercise of stock acquisition rights increased the total number of issued shares by 1,310,000, bringing the total to 68,988,800 at the end of the interim accounting period. - FY2024First statedAnnual report
「As of the end of August 2024, the total number of shares issued by the company was 67,678,800, and the number of potential shares from stock acquisition rights was 7,037,000, representing 9.4% of the total number of issued shares and potential shares. If these stock acquisition rights are exercised, the value per share of the company could be diluted.」
The company disclosed a dilution risk equivalent to 9.4% of potential shares from the issuance of new shares and stock acquisition rights to fund research and development and secure personnel. It also identified the risk of deteriorating supply-demand conditions from venture capital investors' 51.2% ownership and sales after listing.