Financing and Share Price Decline Risks Associated with MS Warrants
First written in FY2023. . Latest entry: FY2026.
The whole theme swung hardest in 2025: 3 of 12 companies on the "Worse" side.
0 other companies' latest entry also says "Other".
- FY2026Completion of the exercise of Series 18 subscription rightsAnnual report
「Following the end of the consolidated fiscal year, all of the Series 18 subscription rights issued by the company on 14 April 2025, with an exercise-price adjustment clause, were exercised.」
During the fiscal year, 28,800,000 shares were issued upon exercise of the Series 18 share acquisition rights, raising ¥1,425 million, and the remaining exercises outstanding after the financial results were announced were completed. No new assessment of the risks themselves, including downward pressure on the share price, is described. - FY2026-H1Progress in the exercise of Series 18 share acquisition rightsAnnual report
「Number of the exercise-price adjustment clause subscription rights exercised during the interim accounting period (units) 235,700 Number of shares delivered upon exercise during the interim accounting period (shares) 23,570,000 Funds raised through exercises during the period (¥ millions) 1,181」
Exercise of the Series 18 share acquisition rights progressed during the first half, resulting in the delivery of 23,570,000 shares and proceeds of ¥1,181 million. No new assessment of the risks themselves, including downward pressure on the share price, is described. - FY2025Progress in the exercise and issuance of Series 17 and Series 18 subscription rightsAnnual report
「Following the end of the current consolidated fiscal year, the Series 18 subscription rights issued by the company on 14 April 2025, with an exercise-price adjustment clause, were exercised.」
During the period, 4,000,000 Series 17 subscription rights were exercised and ¥341 million was raised. In addition, by 24 June 2025, 128,385 Series 18 subscription rights had been exercised and 12,838,500 shares had been delivered. - FY2025-H1Progress in the exercise of MS warrantsAnnual report
「Number of the exercise-price adjustment clause subscription rights exercised during the interim accounting period (units) 40,000 Number of shares delivered upon exercise during the interim accounting period (shares) 4,000,000 Funds raised through exercises during the period (¥ millions) 341」
Exercise of the Series 17 subscription rights progressed, with 4 million shares delivered and ¥341 million raised during the first half. No new explanation was provided regarding the risks themselves, including downward pressure on the share price. - FY2024-Q3Progress in the exercise of MS warrantsAnnual report
「Number of the exercise-price adjustment clause subscription rights exercised during the period (units) 24,500 Number of shares delivered upon exercise during the period (shares) 2,450,000 Funds raised through exercises during the period (¥ millions) 100」
Exercise of the Series 16 subscription rights progressed, with 2.45 million shares delivered and ¥100 million raised during the third quarter. No new explanation was provided regarding the risks themselves, including downward pressure on the share price. - FY2024-Q2Progress in the exercise of MS warrantsAnnual report
「Number of the exercise-price adjustment clause subscription rights exercised during the period (units) 40,170 Number of shares delivered upon exercise during the period (shares) 4,017,000 Funds raised through exercises during the period (¥ millions) 167」
Exercise of the Series 16 subscription rights progressed, and 4,017,000 shares were delivered during the quarter. No new explanation was provided regarding the risks themselves, including downward pressure on the share price. - FY2023First statedAnnual report
「These subscription rights are MS warrants whose exercise price is adjusted every 3 trading days, and fundraising is expected to proceed as the allottee repeatedly exercises and sells the rights. Accordingly, the structure of the scheme may put downward pressure on the share price.」
For the Series 16 and Series 17 subscription rights, the company disclosed exercise-price adjustments every 3 trading days, the possibility of issuing a total of 24,000,000 shares, and an exercise period ending on 24 March 2025. It identified for the first time, as a separate risk, the possibility that exercises may not progress as expected because of a share price decline, affecting the amount raised and its business plans.