Share-Value Dilution from the Exercise of Stock Acquisition Rights
First written in FY2016. 4 of 10 entries say "Mitigated", first in FY2017-Q2. Latest entry: FY2023-Q2.
Caica Digital moved to the "Worse" side of this theme in 2023, 2 years after the typical company in this theme (2021).
The whole theme swung hardest in 2017: 28 of 54 companies on the "Worse" side.
2 other companies' latest entry also says "Dropped".
- FY2023-Q2DroppedAnnual report
「As of 14 June 2023, all of the third-party allotment Series 3 stock acquisition rights of 株式会社ＣＡＩＣＡ ＤＩＧＩＴＡＬ subject to a clause for adjustment of the exercise price had been fully exercised.」
All Series 3 stock acquisition rights had been exercised as of 14 June 2023, eliminating the possibility of additional dilution from unexercised rights. - FY2023-Q1MaterialisedAnnual report
「Potential shares issued through this offering: 15,000,000 shares (100 shares per stock acquisition right)」
The issuance of Series 3 stock acquisition rights created up to 15 million potential shares, and 1.6 million shares were issued during the quarter through the exercise of 16,000 rights. - FY2022-Q1MitigatedAnnual report
「All 4,010 remaining Series 2 stock acquisition rights of 株式会社ＣＡＩＣＡ subject to a clause for adjustment of the exercise price (with a suspension-request clause) were acquired and cancelled as of 22 December 2021.」
The 4,010 remaining Series 2 stock acquisition rights were acquired and cancelled, eliminating the possibility of additional dilution from unexercised rights. - FY2021MitigatedAnnual report
「As of 22 December 2021, the company had acquired and cancelled all of the remaining stock acquisition rights.」
Of the Series 2 stock acquisition rights issued in May 2021, 90,580 had been exercised by the end of the fiscal year, and the remaining rights representing 942,000 shares were all acquired and cancelled on 22 December 2021. The possibility of additional dilution from unexercised rights was therefore eliminated. - FY2021-Q3MitigatedAnnual report
「Number of such bonds with stock acquisition rights subject to a clause for adjustment of the exercise price exercised during the quarterly accounting period (units): 61,160」
Of the 100,000 Series 2 stock acquisition rights, 61,160 were exercised during the cumulative third-quarter accounting period and 6,116,000 shares were delivered. Exercise of the potential shares is progressing, although some rights remain unexercised. - FY2021-Q2The issuance of new stock acquisition rights has revived the dilution risk.Annual report
「Potential shares issued through this offering: 10,000,000 shares (100 shares per stock acquisition right)」
The issuance of Series 2 stock acquisition rights through a third-party allotment created up to 10 million new potential shares, reviving the dilution risk that had disappeared after all previously issued stock acquisition rights were exercised. - FY2017-Q3DroppedAnnual report
「Because all 114,284 of the Series 5 stock acquisition rights issued by the company (each exercisable for 1,000 shares) were exercised during the exercise period, the risk of share dilution described in the securities report for the previous fiscal year no longer exists.」
All Series 5 stock acquisition rights were exercised during the exercise period, explicitly eliminating the previously disclosed risk of share dilution. - FY2017-Q2MitigatedAnnual report
「As of 30 April 2017, 48,571 of the 114,284 stock acquisition rights issued (each exercisable for 1,000 shares) had already been exercised, reducing the risk of share dilution.」
The company states that partial exercise of the outstanding stock acquisition rights progressed, reducing the risk of share dilution. - FY2017-Q1MaterialisedAnnual report
「During the cumulative first-quarter consolidated accounting period, the issuance of new shares following the exercise of stock acquisition rights increased capital and capital surplus by ¥124.831 million each.」
The exercise of stock acquisition rights actually occurred, and 7,000,000 shares were issued during the quarter. The previously disclosed potential dilution factor has materialized. - FY2016First statedAnnual report
「The company has issued stock acquisition rights to 株式会社ネクスグループ (JASDAQ: 6634), SEQUEDGE INVESTMENT INTERNATIONAL LIMITED and 株式会社ＳＲＡ as the allottees. If these stock acquisition rights are exercised, the value per share could be diluted.」
The potential dilution of value per share through the exercise of outstanding stock acquisition rights is explicitly identified as a new risk.