Worth reading
74In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
1179643520
yen (amount not raised through the acquisition and cancellation)Wording
Conditional
How definitive the wording is.Details of issuance or disposal
Acquisition and cancellation of the 12th Stock Acquisition Rights issued through a third-party allotment (with provisions for adjustment of the exercise price)
Intended allottee
EVO FUND (counterparty for the acquisition of the previously issued rights)
Amount of funds to be raised
Expected proceeds: ¥1,801,680,000; proceeds raised to date: ¥622,036,480; amount not raised through the acquisition and cancellation: ¥1,179,643,520
Specific use of funds
Costs of purchasing the crypto asset Ethereum (ETH), operating expenses and strategic investment expenses in the treasury businessAmount ¥1,473 million after the change (¥2,652 million before the change) / Scheduled timing of expenditures March 2026 to December 2031
Terms of the stock acquisition rights
Exercise price
Initial exercise price: ¥300. A minimum exercise price of ¥150 applies, and the price will not be adjusted below ¥150.
Number of Stock Acquisition Rights
Total issued: 60,000; exercised: 25,160; remaining: 34,840 (as of 9 October 2026); after cancellation: 0
Reason for acquisition without consideration
All 12th Stock Acquisition Rights remaining on the acquisition date will be acquired pursuant to Paragraph 14(1) of the Terms of Issue of the 12th Stock Acquisition Rights. The acquisition price is ¥28 per right.
Procedures under the Corporate Code of Conduct
Board of Directors resolution
Most recent equity financing
Timing 8 December 2025 / Type Issuance of the 12th Stock Acquisition Rights (with provisions for adjustment of the exercise price) / Amount If all rights were exercised at the initial exercise price of ¥300, total proceeds of approximately ¥1,800 million would be expected.
Impact on Business Performance
The impact on consolidated results for the fiscal year ending November 2026 is expected to be minor. The Company also believes that eliminating concerns about future share dilution and the number of potential shares will contribute to enhancing shareholder value over the medium to long term.
| Item | Details |
|---|---|
| Type of issuance or disposal | Acquisition and cancellation of the 12th Stock Acquisition Rights issued through a third-party allotment (with provisions for adjustment of the exercise price) |
| Amount of funds to be raised | Expected proceeds: ¥1,801,680,000; proceeds raised to date: ¥622,036,480; amount not raised through the acquisition and cancellation: ¥1,179,643,520 |
| Specific use of funds | Details Costs of purchasing the crypto asset Ethereum (ETH), operating expenses and strategic investment expenses in the treasury business / Amount ¥1,473 million after the change (¥2,652 million before the change) / Scheduled timing of expenditures March 2026 to December 2031 |
| Intended allottee | EVO FUND (counterparty for the acquisition of the previously issued rights) |
| Exercise price | Initial exercise price: ¥300. A minimum exercise price of ¥150 applies, and the price will not be adjusted below ¥150. |
| Number of Stock Acquisition Rights | Total issued: 60,000; exercised: 25,160; remaining: 34,840 (as of 9 October 2026); after cancellation: 0 |
| Reason for acquisition without consideration | All 12th Stock Acquisition Rights remaining on the acquisition date will be acquired pursuant to Paragraph 14(1) of the Terms of Issue of the 12th Stock Acquisition Rights. The acquisition price is ¥28 per right. |
| Procedures under the Corporate Code of Conduct | Board of Directors resolution |
| Most recent equity financing | Timing 8 December 2025 / Type Issuance of the 12th Stock Acquisition Rights (with provisions for adjustment of the exercise price) / Amount If all rights were exercised at the initial exercise price of ¥300, total proceeds of approximately ¥1,800 million would be expected. |
| Impact on Business Performance | The impact on consolidated results for the fiscal year ending November 2026 is expected to be minor. The Company also believes that eliminating concerns about future share dilution and the number of potential shares will contribute to enhancing shareholder value over the medium to long term. |
Items this document does not state (18)
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 RatioMajor shareholders after the offering
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 share price has remained below the minimum exercise price of ¥150, making additional fundraising difficult. The Company states that it will eliminate concerns about future dilution from the remaining Stock Acquisition Rights and the adverse impact on supply and demand for the shares, while protecting the interests of existing shareholders and enhancing corporate value over the medium to long term.
How to read this page
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.