Worth reading
69In focus
Scored from 4 of 5 sectionsDirection
Mixed performance
Direction inferred from the company’s description.Scale
289
¥ (reduction in the exercise price of the 13th Series Stock Acquisition Rights)Wording
Definitive
How definitive the wording is.Details of issuance or disposal
Adjustment of the exercise prices of outstanding Stock Acquisition Rights and the conversion price of Convertible Bonds with Stock Acquisition Rights, and change in the intended use of funds
Intended allottee
CVI Investments, Inc., Integrated Asset Management (Asia) Limited and ARK Investment Management LLC (3 prospective allottees for the 14th Series Stock Acquisition Rights)
Amount of funds to be raised
Planned proceeds from the 14th Series Stock Acquisition Rights: ¥11,837 million before the change and ¥6,097 million after the change. Estimated net proceeds: Not disclosed
Specific use of funds
Funds for the purchase of crypto-assets (Ethereum)Amount ¥7,978 million / Scheduled timing of expenditures October 2025 to October 2030
Terms of the stock acquisition rights
Exercise price
13th Series Stock Acquisition Rights: ¥589 before the adjustment and ¥300 after the adjustment. 14th Series Stock Acquisition Rights: ¥587 before the adjustment and ¥300 after the adjustment. In both cases, the post-adjustment exercise price is fixed at the minimum exercise price of ¥300 and will not be adjusted further downward.
Number of Stock Acquisition Rights
13th Series Stock Acquisition Rights: 108,900 outstanding unexercised rights, all of which are scheduled to be acquired and cancelled on 24 August 2026. 14th Series Stock Acquisition Rights: total number issued and outstanding unexercised balance: Not disclosed
Reason for acquisition without consideration
For the 13th Series Stock Acquisition Rights, all outstanding unexercised rights are scheduled to be acquired and cancelled pursuant to an agreement with CVI Investments, Inc.
Most recent equity financing
Timing 14 October 2025 / Type Issuance through a third-party allotment of the 13th Series Stock Acquisition Rights, the 14th Series Stock Acquisition Rights and the 4th Series Unsecured Convertible Bonds with Stock Acquisition Rights / Amount Total intended use of proceeds from the 13th and 14th Series Stock Acquisition Rights: ¥20,271 million (before the change), Timing Scheduled for 24 August 2026 / Type Issuance through a third-party allotment of new shares, the 16th Series Stock Acquisition Rights, the 17th Series Stock Acquisition Rights and the 6th Series Bonds with Stock Acquisition Rights (with an exercise price adjustment clause) / Amount Planned proceeds of ¥1,800 million from the 17th Series Stock Acquisition Rights
| Item | Details |
|---|---|
| Type of issuance or disposal | Adjustment of the exercise prices of outstanding Stock Acquisition Rights and the conversion price of Convertible Bonds with Stock Acquisition Rights, and change in the intended use of funds |
| Amount of funds to be raised | Planned proceeds from the 14th Series Stock Acquisition Rights: ¥11,837 million before the change and ¥6,097 million after the change. Estimated net proceeds: Not disclosed |
| Specific use of funds | Details Funds for the purchase of crypto-assets (Ethereum) / Amount ¥7,978 million / Scheduled timing of expenditures October 2025 to October 2030 |
| Intended allottee | CVI Investments, Inc., Integrated Asset Management (Asia) Limited and ARK Investment Management LLC (3 prospective allottees for the 14th Series Stock Acquisition Rights) |
| Exercise price | 13th Series Stock Acquisition Rights: ¥589 before the adjustment and ¥300 after the adjustment. 14th Series Stock Acquisition Rights: ¥587 before the adjustment and ¥300 after the adjustment. In both cases, the post-adjustment exercise price is fixed at the minimum exercise price of ¥300 and will not be adjusted further downward. |
| Number of Stock Acquisition Rights | 13th Series Stock Acquisition Rights: 108,900 outstanding unexercised rights, all of which are scheduled to be acquired and cancelled on 24 August 2026. 14th Series Stock Acquisition Rights: total number issued and outstanding unexercised balance: Not disclosed |
| Reason for acquisition without consideration | For the 13th Series Stock Acquisition Rights, all outstanding unexercised rights are scheduled to be acquired and cancelled pursuant to an agreement with CVI Investments, Inc. |
| Most recent equity financing | Timing 14 October 2025 / Type Issuance through a third-party allotment of the 13th Series Stock Acquisition Rights, the 14th Series Stock Acquisition Rights and the 4th Series Unsecured Convertible Bonds with Stock Acquisition Rights / Amount Total intended use of proceeds from the 13th and 14th Series Stock Acquisition Rights: ¥20,271 million (before the change), Timing Scheduled for 24 August 2026 / Type Issuance through a third-party allotment of new shares, the 16th Series Stock Acquisition Rights, the 17th Series Stock Acquisition Rights and the 6th Series Bonds with Stock Acquisition Rights (with an exercise price adjustment clause) / Amount Planned proceeds of ¥1,800 million from the 17th Series Stock Acquisition Rights |
Items this document does not state (20)
Number of shares to be issued or disposed ofIssue price and disposal priceTotal issue valueEstimated issuance expensesPayment dateIntended allottee's holding policyDilution RateTotal number of issued sharesBasis for determining the amount to be paidExercise periodTransfer restriction periodConditions for lifting transfer restrictionsCategories and Number of Persons CoveredTotal Stock-Based CompensationUnderwriter / lead underwriterOverallotmentStock Split RatioProcedures under the Corporate Code of ConductMajor shareholders after the offeringImpact on Business Performance
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The new issuance through a third-party allotment dated 24 August 2026 falls under the adjustment provisions for the existing Stock Acquisition Rights and Convertible Bonds with Stock Acquisition Rights. For the 14th Series Stock Acquisition Rights, the intended use of funds will be changed because the adjustment to the exercise price will reduce the planned proceeds.
How to read this page
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Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.