Risk of Shareholder-Value Dilution from the Exercise of Stock Acquisition Rights
First written in FY2022. 16 of 18 entries say "Materialised", first in FY2023-Q2. Latest entry: 2026-10-06.
note 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: 17 of 34 companies on the "Worse" side.
44 other companies' latest entry also says "Materialised".
- 2026-10-06MaterialisedEarnings
「In addition, the issuance of new shares through the exercise of stock options increased stated capital and capital surplus by ¥79.453 million each.」
The Company disclosed the issuance of new shares through stock-option exercises and the resulting potential dilution of equity value. - FY2026-H1MaterialisedAnnual report
「9 April 2026 (Note) 3 1,000,000 19,335,800 1,106,000 2,247,335 1,106,000 4,023,726 (Note) 3. Paid-in private placement Issue price ¥2,212 Amount credited to capital ¥1,106 Allottee KADOKAWA CORPORATION」
A private placement of 1,000,000 shares to KADOKAWA was completed, resulting in actual dilution from the issuance of shares in addition to the exercise of existing stock acquisition rights. The 1,429,500-share private placement to NAVER has also been completed. - FY2025MaterialisedAnnual report
「Proceeds from the issuance of shares through the exercise of stock acquisition rights during the consolidated fiscal year amounted to ¥144.988 million.」
Share issuance through the exercise of stock acquisition rights continued, increasing the number of shares by 374,000 in the fiscal year ending November 2025. In addition, 1,429,500 shares were issued after the balance-sheet date through a private placement to NAVER. - FY2025-H1MaterialisedAnnual report
「Paid-in private placement Issue price ¥508 Amount credited to capital ¥254 Allottee Google International LLC」
A private placement of 984,200 shares to Google International LLC was completed, resulting in actual dilution of equity value. In addition, share issuance through the exercise of stock acquisition rights is continuing. - FY2024MaterialisedAnnual report
「The increase resulted from the exercise of stock acquisition rights.」
Between December 2023 and November 2024, 156,300 stock acquisition rights were exercised, and proceeds of ¥41.929 million from the issuance were recorded. As of the end of the month preceding the filing date, the number of potential shares was 1,286,000, equivalent to 7.85% of the total number of issued shares. - FY2024-Q2MaterialisedAnnual report
「The increase resulted from the exercise of share acquisition rights (stock options).」
Between 1 March and 31 May 2024, the total number of issued shares increased by 15,400 shares through the exercise of stock acquisition rights, while stated capital and capital reserves each increased by ¥2.39 million. - FY2024-Q1MaterialisedAnnual report
「This represents an increase resulting from the exercise of stock acquisition rights (stock options). Between 1 March 2024 and 31 March 2024, the total number of issued shares increased by 15,400 shares through the exercise of stock acquisition rights, while stated capital and capital reserves each increased by ¥2.39 million.」
The exercise of stock acquisition rights actually occurred during and after the quarter, and was disclosed as increases in the number of shares, stated capital and capital reserves. - FY2023MitigatedAnnual report
「As of the end of the month preceding the filing date of this document, the number of potential shares represented by these stock acquisition rights was 1,334,100, equivalent to 8.69% of the 15,351,000 issued shares.」
Dilution from the exercise of stock acquisition rights continues, but the number of potential shares has decreased from the previously stated 1,694,000 shares, or 11.59%, to 1,334,100 shares, or 8.69%. - FY2023-Q3MaterialisedAnnual report
「In addition, the exercise of stock acquisition rights (stock options) during the nine-month period under review increased capital stock and capital surplus by ¥8.194 million each. As a result, at the end of the third quarter accounting period, capital stock was ¥171.035 million and capital surplus was ¥2,633.139 million.」
The exercise of stock acquisition rights also occurred during the cumulative period under review, resulting in actual increases in capital stock and capital surplus. - FY2023-Q2MaterialisedAnnual report
「In addition, the exercise of stock acquisition rights (stock options) during the six-month period under review increased capital stock and capital surplus by ¥6.842 million each. As a result, at the end of the second quarter accounting period, capital stock was ¥169.683 million and capital surplus was ¥2,631.786 million.」
The company disclosed that stock acquisition rights were actually exercised and that the number of issued shares increased by 122,300 during the quarter. - FY2023-Q2MaterialisedAnnual report
「In addition, the exercise of stock acquisition rights (stock options) during the six-month period under review increased capital stock and capital surplus by ¥6.842 million each. As a result, at the end of the second quarter accounting period, capital stock was ¥169.683 million and capital surplus was ¥2,631.786 million.」
The company disclosed that stock acquisition rights were actually exercised and that the number of issued shares increased by 122,300 during the quarter. - FY2022First statedAnnual report
「As of the end of the fiscal year under review, the number of potential shares represented by these stock acquisition rights was 1,694,000, equivalent to 11.59% of the 14,617,900 issued shares.」
The likelihood is assessed as high, the possible timing as within 1 year, and the degree of impact as low. The company intends to stagger the exercise periods to spread the dilutive impact.