Share Value Dilution from the Exercise of Stock Acquisition Rights
First written in FY2017. 18 of 27 entries say "Worsened", first in FY2019-Q2. Latest entry: 2026-10-22.
Axel Mark 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.
33 other companies' latest entry also says "Worsened".
- FY2025WorsenedAnnual report
「As of the end of November 2025, the number of potential shares represented by these stock acquisition rights was 24,178,066, equivalent to 123.39% of the 19,594,600 issued shares as of the end of November 2025.」
The issuance and exercise of stock acquisition rights brought potential shares to 24,178,066 and the ratio to issued shares to 123.39%. Dilution exposure declined from 152.89% previously but remains substantial. - FY2025-H1WorsenedAnnual report
「Increase or decrease in total issued shares: 5,298,700” “Balance of total issued shares: 15,945,000」
The exercise of stock acquisition rights increased shares by 5,298,700 during the interim accounting period, bringing total issued shares to 15,945,000. Share issuance has increased dilution exposure. - FY2024WorsenedAnnual report
「As of the end of November 2024, the number of potential shares represented by these stock acquisition rights was 16,582,589, equivalent to 152.89% of the 10,846,300 issued shares as of the end of November 2024.」
The number of potential shares represented by stock acquisition rights and similar instruments reached 16,582,589, or 152.89% of issued shares, increasing dilution exposure from 55.24% previously. - FY2024-Q2WorsenedAnnual report
「Class, details and number of shares underlying the stock acquisition rights (shares): common shares 200,000 (Note 2)」
The issuance of Series 28 stock acquisition rights newly established 200,000 potential common shares, increasing dilution exposure. - FY2023WorsenedAnnual report
「As of the end of November 2023, the number of potential shares represented by these stock acquisition rights was 5,881,000, equivalent to 55.24% of the 10,646,300 issued shares as of the end of November 2023.」
The ratio of potential shares increased from 50.31% previously to 55.24%, updating dilution exposure from the exercise of stock acquisition rights. - FY2023-Q1WorsenedAnnual report
「Increase or decrease in total issued shares: 74,800 shares” “This resulted from the conversion of the 2nd Series unsecured convertible bonds with stock acquisition rights.」
The conversion of the 2nd Series unsecured convertible bonds with stock acquisition rights increased shares by 74,800 during the first quarter, and share issuance that could dilute equity value has continued. - FY2022MitigatedAnnual report
「As of the end of November 2022, the number of potential shares represented by these stock acquisition rights was 5,356,000, equivalent to 50.31% of the 10,646,300 issued shares as of the end of November 2022.」
The ratio of potential shares represented by stock acquisition rights declined from the previously reported 67.38% to 50.31%. Dilution exposure remains, although the ratio has decreased. - FY2022-Q3WorsenedAnnual report
「1 January 2022–31 March 2022 224,400 9,673,900 33,435 83,435 33,435 426,253” “This resulted from the conversion of the 2nd Series unsecured convertible bonds with stock acquisition rights.」
Following the increase of 224,400 shares through conversion of the 2nd Series unsecured convertible bonds with stock acquisition rights in the previous quarter, a further 523,600 shares were added during the third quarter accounting period, bringing total issued shares to 10,197,500. As of the filing date, the figure is stated as 10,496,700, including the shares exercised in July. - FY2022-Q2Increase in shares through conversionAnnual report
「1 January 2022–31 March 2022 224,400 9,673,900 33,435 83,435 33,435 426,253” “This resulted from the conversion of the 2nd Series unsecured convertible bonds with stock acquisition rights.」
The conversion of the 2nd Series unsecured convertible bonds with stock acquisition rights increased shares by 224,400, bringing total issued shares to 9,673,900. - FY2021RestatedAnnual report
「As of the end of November 2021, the number of potential shares represented by these stock acquisition rights was 6,367,400, equivalent to 67.38% of the 9,449,500 issued shares as of the end of November 2021.」
The company has updated the dilution risk from stock acquisition rights and similar instruments to the latest figures of 6,367,400 potential shares, representing 67.38% of issued shares. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter, the conversion of the 2nd Series unsecured convertible bonds with stock acquisition rights increased stated capital by ¥133.742 million and the capital reserve by ¥133.742 million. The exercise of Series 23 stock acquisition rights increased stated capital by ¥203.349 million and the capital reserve by ¥203.349 million.」
The conversion of convertible bonds and exercise of Series 23 stock acquisition rights increased stated capital and the capital reserve. The number of shares increased by 1,360,200 during the quarter, bringing total issued shares to 9,075,500. New share issuance has increased dilution exposure. - FY2021-Q2WorsenedAnnual report
「Between 1 April 2021 and 30 April 2021, the total number of issued shares increased by 897,600 through the exercise of stock acquisition rights.” “Number of shares underlying the stock acquisition rights: common shares 5,034,000 shares” “The issue price per common share issued upon exercise of the stock acquisition rights is ¥298 per share」
In addition to the issuance of 897,600 shares through the exercise of stock acquisition rights, up to 5,034,000 potential shares were established for the Series 23 stock acquisition rights, increasing dilution exposure. - FY2020MitigatedAnnual report
「As of the end of November 2020, the number of potential shares represented by these stock acquisition rights was 4,580,100, equivalent to 67.17% of the 6,817,700 issued shares as of the end of November 2020.」
The ratio of potential shares to issued shares declined from the previously reported 91.13% to 67.17%. Dilution exposure remains. - FY2020-Q2WorsenedAnnual report
「1 January 2020–31 March 2020 366,600 6,817,700” “(Note) This increase resulted from the exercise of stock acquisition rights.」
The exercise of Series 22 stock acquisition rights resulted in the issuance of 366,600 shares between January and March 2020, increasing the number of issued shares. - FY2019WorsenedAnnual report
「As of the end of November 2019, the number of potential shares represented by these stock acquisition rights was 5,493,400, equivalent to 91.13% of the 6,027,900 issued shares as of the end of November 2019.」
The issuance of convertible bonds with stock acquisition rights and Series 22 stock acquisition rights increased the number of potential shares to 5,493,400, or 91.13% of issued shares. - FY2019-Q3WorsenedAnnual report
「During the third quarter accounting period, stock acquisition rights attached to bonds with stock acquisition rights subject to adjustment clauses in the exercise price were exercised as follows.」
During the third quarter accounting period, 575,000 rights were exercised, bringing cumulative exercises to 700,000 and the number of shares delivered to 700,000. The company continues to describe dilution exposure accompanied by an increase in issued shares. - FY2019-Q2WorsenedAnnual report
「Number of Series 20 stock acquisition rights (units) 700,000」
The company issued 700,000 Series 20 and 500,000 Series 21 stock acquisition rights, of which 125,000 were exercised during the quarter. The issuance of new potential shares and the delivery of shares are disclosed, indicating increased dilution exposure. - FY2018MitigatedAnnual report
「As of the end of November 2018, the number of potential shares represented by these stock acquisition rights was 1,047,500, equivalent to 21.59% of the 4,851,800 issued shares as of the end of November 2018.」
The company continues to disclose the dilution risk from the exercise of stock acquisition rights, although the ratio of potential shares has declined from the previously reported 32.00% to 21.59%. - FY2017First statedAnnual report
「As of the end of November 2017, the number of potential shares represented by these stock acquisition rights was 1,398,500, equivalent to 32.00% of the 4,370,900 issued shares as of the end of November 2017.」
The company discloses the potential dilution of existing shareholders' equity value and voting rights if the stock acquisition rights are exercised, including the number and ratio of potential shares.