Risk of Share Value Dilution from the Exercise of Stock Acquisition Rights
First written in FY2019. 17 of 24 entries say "Worsened", first in FY2021-Q1. Latest entry: FY2026.
Tsukuruba moved to the "Worse" side of this theme in 2021, the same year as the typical company in this theme.
The whole theme swung hardest in 2017: 18 of 36 companies on the "Worse" side.
16 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「Common shares 320,400」
The number of common shares increased by 320,400 through a third-party allotment capital increase, while the 22nd stock acquisition rights relate to 165,000 common shares. Including the exercise of stock acquisition rights for 5,900 shares, the factors contributing to an increase in the number of shares and dilution for existing shareholders have become more concrete. - FY2026-H1WorsenedAnnual report
「If all of these stock acquisition rights are exercised, the total number of common shares issued will increase by an amount equivalent to 1.4% of the total shares outstanding as of the end of July 2025.」
New dilution exposure involving 165,000 common shares was disclosed in connection with the 22nd Series of Stock Acquisition Rights. In addition, following the filing, plans were disclosed for a private placement of 207,000 treasury shares and a private placement of 320,400 common shares to PKSHA Technology, adding further factors that could increase the number of shares outstanding. - FY2025-H1WorsenedAnnual report
「Exercise of the stock acquisition rights increased the total number of issued shares by 20,400 and increased share capital and the capital surplus by ¥8.241 million each. On 25 February 2025, exercise of the stock acquisition rights increased the total number of issued shares by 2,000 and increased share capital and the capital surplus by ¥820,000 each.」
Exercise of stock acquisition rights during the current interim consolidated accounting period increased common stock by 20,400 shares, followed by a further increase of 2,000 shares after the filing. Additional dilution exposure for existing shareholders has materialized. - FY2024Lower potential-share ratio and addition of new stock acquisition rightsAnnual report
「As of the filing date, the number of potential shares represented by stock acquisition rights and similar instruments, excluding treasury stock acquisition rights, was 1,030,133, equivalent to 8.3% of the total of 12,398,524 shares, excluding treasury shares, comprising issued common shares plus potential shares.」
The potential share ratio declined from 8.6% previously to 8.3%, while the Series 19 and Series 20 stock acquisition rights were resolved after the filing, so future dilution exposure continues. - FY2024-Q3WorsenedAnnual report
「The exercise of stock acquisition rights increased the total number of issued shares by 11,000 and increased capital stock and the capital reserve by ¥1.949 million each.」
Exercise of stock acquisition rights during the third-quarter accounting period increased common stock by 11,000 shares, resulting in additional dilution for existing shareholders. A further increase of 7,800 shares after the filing was disclosed, and dilution exposure continues. - FY2024-Q2WorsenedAnnual report
「1 November 2023–31 January 2024 (Note 1): Common stock 2,800」
Exercise of stock acquisition rights during the second-quarter accounting period increased common stock by 2,800 shares and increased share capital and the capital surplus by ¥1.049 million each. In addition, common stock increased by 11,000 shares on 22 February 2024 after the filing, so dilution exposure continues and is increasing. - FY2024-Q1WorsenedAnnual report
「On 24 November 2023, the exercise of stock acquisition rights increased the total number of issued shares by 2,000 and increased capital stock and the capital reserve by ¥666,000 each.」
Exercise of stock acquisition rights after the filing increased common stock by 2,000 shares, resulting in additional dilution for existing shareholders. - FY2023MitigatedAnnual report
「As of the filing date, the number of potential shares represented by stock acquisition rights and similar instruments, excluding treasury stock acquisition rights, was 1,060,133, equivalent to 8.6% of the total of 12,388,024 shares, excluding treasury shares, comprising issued common shares plus potential shares.」
The potential share ratio declined from 10.7% previously to 8.6%. However, dilution exposure, including the put right of the Class A shares for acquisition with common stock as consideration, continues. - FY2023-Q3WorsenedAnnual report
「On 25 May 2023, exercise of the stock acquisition rights increased the total number of issued shares by 60,100 and increased share capital and the capital surplus by ¥5.627 million each.」
Exercise of stock acquisition rights after the filing increased common stock by 60,100 shares. A further 13,500 shares were issued during the third-quarter accounting period, so dilution exposure for existing shareholders continues and is increasing. - FY2023-Q2WorsenedAnnual report
「Class, details and number of shares underlying the stock acquisition rights (shares)*: Common stock 67,100」
The Series 15 stock acquisition rights added a newly disclosed potential issuance of 67,100 common shares. In addition, exercise of stock acquisition rights after the filing increased common stock by 13,500 shares on 24 February 2023, so dilution exposure is increasing and becoming more concrete. - FY2023-Q1WorsenedAnnual report
「On 25 November 2022, exercise of the stock acquisition rights increased the total number of issued shares by 41,900 and increased share capital and the capital surplus by ¥6.884 million each.」
Exercise of stock acquisition rights after the filing increased common stock by 41,900 shares. In addition, the Class A shares issued to Marui Group carry a put right for acquisition with common stock as consideration, so potential dilution exposure continues and is increasing. - FY2022-Q3WorsenedAnnual report
「Exercise of the stock acquisition rights increased the total number of issued shares by 59,100 and increased share capital and the capital surplus by ¥2.149 million each.」
Exercise of the stock acquisition rights on 25 February 2022 increased the total number of issued shares by 59,100, further crystallizing potential dilution exposure for existing shareholders. - FY2022-Q2WorsenedAnnual report
「Class, details and number of shares underlying the stock acquisition rights (shares)*: Common stock 49,200 (Note 2)」
The issuance of Series 14 stock acquisition rights added new dilution exposure relating to 49,200 potential common shares. - FY2021WorsenedAnnual report
「As of the filing date, the number of potential shares represented by stock acquisition rights, excluding treasury stock acquisition rights, was 1,336,433, equivalent to 10.7% of the total of 12,377,662 shares, excluding treasury shares, comprising the total issued shares plus potential shares.」
The potential share ratio increased from 5.4% in the previous disclosure to 10.7%, increasing dilution exposure. - FY2021-Q3WorsenedAnnual report
「Exercise of the stock acquisition rights increased the total number of issued shares by 257,200 and increased share capital and the capital surplus by ¥13.357 million each.」
From February through April 2021, exercise of the stock acquisition rights increased the total number of issued shares by 257,200, increasing dilution exposure for existing shareholders. - FY2021-Q2WorsenedAnnual report
「Exercise of the stock acquisition rights increased the total number of issued shares by 48,500 and increased share capital and the capital surplus by ¥7.275 million each.」
Exercise of the stock acquisition rights increased the number of issued shares by 48,500. In addition, new potential shares totaling 491,300 underlying the Series 11 through Series 13 stock acquisition rights were disclosed, increasing dilution exposure. - FY2021-Q1WorsenedAnnual report
「Class, details and number of shares underlying the stock acquisition rights (shares)*: Common stock 583,333」
For the ¥700 million convertible bonds with stock acquisition rights issued on 17 August 2020, the company disclosed an outstanding balance of ¥700 million and 583,333 deliverable shares, adding potential dilution exposure. - FY2020MitigatedAnnual report
「As of the filing date, the number of potential shares represented by stock acquisition rights, excluding treasury stock acquisition rights, was 567,500, equivalent to 5.4% of the total of 10,388,700 shares, excluding treasury shares, comprising the total issued shares plus potential shares.」
The potential share ratio declined from 12.43% in the previous disclosure to 5.4%. At the same time, other potential sources of share issuance, such as bonds with stock acquisition rights, are also disclosed. - FY2019First statedAnnual report
「As of the date of filing, the number of potential shares from share acquisition rights, excluding the company’s own share acquisition rights, was 1,277,000, equivalent to 12.43% of the total 10,273,100 shares outstanding plus potential shares, excluding treasury shares.」
The company states that exercising share acquisition rights may dilute existing shareholders’ share value and voting interests.