Dilution of Equity Value Through the Exercise of Stock Options
First written in FY2022. 7 of 8 entries say "Materialised", first in FY2024-Q2. Latest entry: 2026-07-30.
Cybertrust Japan moved to the "Worse" side of this theme in 2023, 3 years after the typical company in this theme (2020).
The whole theme swung hardest in 2017: 37 of 68 companies on the "Worse" side.
69 other companies' latest entry also says "Materialised".
- 2026-07-30MaterialisedEarnings
「新株予約権の権利行使に伴う新株発行により、資本金及び資本剰余金がそれぞれ４百万円増加したことによります。」
第1四半期に新株予約権の権利行使に伴う新株発行があり、希薄化が継続して発生した。 - FY2026MaterialisedAnnual report
「As of 31 May 2026, the end of the month preceding the filing date, the potential shares represented by these stock acquisition rights totaled 921,600, equivalent to 5.5% of the 16,650,800 issued shares as of that date.」
The exercise of stock acquisition rights continued, with 264,800 shares exercised by the end of FY2026. As of the end of the month preceding the filing date, 921,600 potential shares remained, representing potential dilution of 5.5%. - FY2026-H1MaterialisedAnnual report
「1 April 2025–30 September 2025 (Note 1) 46,400 8,224,200 10,190 846,327 10,190 456,327 (Note) 1. Increase due to the exercise of stock acquisition rights.」
During the interim consolidated accounting period, the exercise of stock acquisition rights increased the number of issued shares by 46,400 and increased capital stock and the capital reserve by ¥10,190 thousand each. - FY2025-H1MaterialisedAnnual report
「1 April 2024–30 September 2024 (Note 1) 42,400 8,147,800 9,312 829,548 9,312 439,547 (Note) 1. Increase due to the exercise of stock acquisition rights.」
During the interim consolidated accounting period, the exercise of stock acquisition rights increased the number of issued shares by 42,400 and increased capital stock and the capital reserve by ¥9,312 thousand each. Additional exercises before the filing date were also disclosed. - FY2024MaterialisedAnnual report
「The increase of 4,084,100 in the total number of issued common shares comprises an increase of 4,021,300 due to a stock split and an increase of 62,800 due to the exercise of stock acquisition rights.」
During FY2024, 62,800 shares were issued through the exercise of stock acquisition rights, further realizing the dilution risk affecting existing shareholders. - FY2024-Q3MaterialisedAnnual report
「1 October 2023–31 December 2023 (Note 1) 14,400 8,084,600 3,162 815,668 3,162 425,667 (Note) 1. Increase due to the exercise of stock acquisition rights. 2. Between 1 January 2024 and 31 January 2024, the exercise of stock acquisition rights increased the total number of issued shares by 1,600, and increased capital stock and the capital reserve by ¥351 thousand each.」
The exercise of stock acquisition rights increased the number of issued shares by 14,400 during FY2024's third quarter and by a further 1,600 in January 2024 before the filing date. The company disclosed additional share issuances associated with the dilution risk. - FY2024-Q2MaterialisedAnnual report
「1 July 2023–30 September 2023 (Note 1) 5,600 8,070,200 1,200 812,505 1,260 422,505 (Note) 1. Increase due to the exercise of stock acquisition rights. 2. Between 1 October 2023 and 31 October 2023, the exercise of stock acquisition rights increased the total number of issued shares by 6,400, and increased capital stock and the capital reserve by ¥1,405 thousand each.」
The exercise of stock acquisition rights increased the number of issued shares by 5,600 during the second quarter and by a further 6,400 in October before the filing date. The company disclosed actual share issuances associated with the dilution risk from the exercise of stock acquisition rights. - FY2022First statedAnnual report
「For incentive purposes, the Company has issued stock acquisition rights equivalent to 10.02% of the total number of issued shares as of the end of the consolidated fiscal year, allocated to a trust for which SPC Trust Co., Ltd. acts as trustee. The rights will be delivered to officers and employees designated by the Company on the delivery eligibility date. If these rights are exercised, the value per share may be diluted and the formation of the share price may be affected.」
The company newly explicitly identifies the risk of dilution in per-share value upon exercise of stock acquisition rights equivalent to 10.02% of total issued shares.