Dilution of equity value resulting from the exercise of stock acquisition rights
First written in FY2019. 19 of 28 entries say "Materialised", first in FY2020-Q1. Latest entry: 2026-09-30.
Birdman moved to the "Worse" side of this theme in 2019, 2 years before the typical company in this theme (2021).
The whole theme swung hardest in 2017: 28 of 54 companies on the "Worse" side.
15 other companies' latest entry also says "Restated".
- 2026-09-30RestatedManagement Planning
「2026年6月30日現在の潜在株式数は25,086,200株であり、発行済株式総数の74.4％に相当しております。」
新株予約権等の行使による希薄化リスクについて、潜在株式数と発行済株式総数に対する割合を再掲している。 - FY2026WorsenedAnnual report
「As of 30 June 2026, the number of potential shares from these stock acquisition rights was 25,086,200, equivalent to 74.4% of the 33,720,200 issued shares.」
The issuance and exercise of the Ninth Series stock acquisition rights and other rights increased the ratio of potential shares to issued shares from 37.1% in the previous fiscal year to 74.4%, further expanding future dilution exposure. - FY2026-H1MaterialisedAnnual report
「During the interim consolidated accounting period, capital and capital surplus each increased by ¥511.858 million through the exercise of stock acquisition rights.」
During the interim consolidated accounting period, issued shares increased by 6,626,000 through the exercise of stock acquisition rights, indicating that the dilution factor affecting share value continued to materialize. - FY2025WorsenedAnnual report
「As of 30 June 2025, the number of potential shares from these stock acquisition rights was 7,580,800, equivalent to 37.1% of the 20,427,500 issued shares.」
While exercise of the Eighth Series stock acquisition rights progressed, potential shares at fiscal year-end were 7,580,800, equivalent to 37.1% of issued shares, quantifying future dilution exposure. - FY2025-H1WorsenedAnnual report
「Overview of the issuance of these stock acquisition rights: “Number of stock acquisition rights issued: 150,000”; “Potential shares from the issuance: 15,000,000 common shares”; “Exercise period: 6 January 2025 to 5 January 2027.”」
While all 1,416 Seventh Series stock acquisition rights were acquired and cancelled, stock acquisition rights representing 15,000,000 new potential shares were issued, substantially increasing future dilution exposure. - FY2024WorsenedAnnual report
「As of 30 June 2024, the number of potential shares from these stock acquisition rights was 1,904,100, equivalent to 29.2% of the 6,522,300 issued shares.」
The issuance of the Seventh Series stock acquisition rights through a third-party allotment increased potential shares to 1,904,100, or 29.2% of issued shares. In addition to the exercise history to date, future dilution exposure has increased substantially. - FY2024-Q3MaterialisedAnnual report
「1 January 2024–31 March 2024 (Note) 3,000 5,122,300 649 398,554 649 388,554 (Note) Increase due to the exercise of stock acquisition rights.」
During the third quarter, the number of shares increased by 3,000 through the exercise of stock acquisition rights, bringing issued shares to 5,122,300. The dilution factor from the exercise continued to materialize. - FY2023MaterialisedAnnual report
「As of 30 June 2023, the number of potential shares from these stock options was 11,300, equivalent to 0.2% of the 5,119,300 issued shares.」
The number of shares increased through the exercise of stock acquisition rights continued, and potential shares at fiscal year-end were quantified at 11,300, equivalent to 0.2% of issued shares, as a dilution factor. - FY2023-Q3MaterialisedAnnual report
「1 January 2023–31 March 2023 (Note) 2 2,200 5,118,100 1,714 397,089 1,714 387,089 (Note) 2. Increase due to the exercise of stock acquisition rights.」
During the third quarter, the number of shares increased by 2,200 through the exercise of stock acquisition rights, bringing issued shares to 5,118,100. The dilution factor from the exercise continued to materialize. - FY2023-Q2MaterialisedAnnual report
「1 October 2022–31 December 2022 (Note) 5,750 2,557,950 2,423 395,374 2,423 385,374 (Note) Increase due to the exercise of stock acquisition rights.」
During the second quarter, the number of shares increased by 5,750 through the exercise of stock acquisition rights, indicating that the dilution factor continued to materialize. - FY2022MaterialisedAnnual report
「Common shares (shares) (Note) 1 2,546,400 5,800 – 2,552,200 (Note) 1. The 5,800-share increase in issued common shares resulted from the exercise of stock acquisition rights.」
During the fiscal year, the number of shares increased by 5,800 through the exercise of stock acquisition rights, and the dilution factor materialized. At fiscal year-end, potential shares were 23,900, equivalent to 0.9% of issued shares. - FY2022-Q3MaterialisedAnnual report
「1 January 2022–31 March 2022 (Note) 4,500 2,552,200 1,815 392,951 1,815 382,951 (Note) Increase due to the exercise of stock acquisition rights.」
During the third quarter, the number of shares increased by 4,500 through the exercise of stock acquisition rights, bringing issued shares to 2,552,200. The dilution factor from the exercise continued to materialize. - FY2022-Q2MaterialisedAnnual report
「1 October 2021–31 December 2021 (Note) 1 1,300 2,547,700 372 391,136 372 381,136 (Note) 1. Increase due to the exercise of stock acquisition rights. 2. Between 1 January 2022 and 31 January 2022, issued shares increased by 90 through the exercise of stock acquisition rights, while capital and capital surplus each increased by ¥1.815 million.」
During the second quarter, shares increased by 1,300 through the exercise of stock acquisition rights, and a further 90 shares were added after quarter-end, indicating that the dilution factor continued to materialize. - FY2022-Q1MaterialisedAnnual report
「Between 1 October 2021 and 31 October 2021, issued shares increased by 250 through the exercise of stock acquisition rights.」
Issued shares increased by a further 250 after quarter-end through the exercise of stock acquisition rights, indicating that the dilution factor continued to materialize. - FY2021MaterialisedAnnual report
「Common shares (shares) (Note) 1 2,444,000 102,400 – 2,546,400 (Note) 1. The 102,400-share increase in issued common shares resulted from the exercise of stock acquisition rights.」
During the fiscal year, the number of shares increased by 102,400 through the exercise of stock acquisition rights, and the dilution factor continued to materialize. The disclosure states that potential shares at fiscal year-end were 59,350, equivalent to 2.3% of issued shares. - FY2021-Q3MaterialisedAnnual report
「1 January 2021–31 March 2021 (Note) 1 36,000 2,546,400 11,046 390,763 11,046 380,763 (Note) Increase due to the exercise of stock acquisition rights.」
The number of shares increased by 36,000 through the exercise of stock acquisition rights, bringing issued shares to 2,546,400. The dilution factor from the exercise continued to materialize. - FY2021-Q2MaterialisedAnnual report
「1 October 2020–31 December 2020 (Note) 1 57,700 2,510,400 20,158 379,717 20,158 369,717 (Note) 1. Increase due to the exercise of stock acquisition rights.」
During the second quarter, the number of shares increased by 57,700 through the exercise of stock acquisition rights, bringing issued shares to 2,510,400. In addition, shares increased by 16,000 between 1 January 2021 and the filing date, indicating that the dilution factor continued to materialize. - FY2021-Q1MaterialisedAnnual report
「1 July 2020–30 September 2020 (Note) 1 8,700 2,452,700 3,700 359,558 3,700 349,558 (Note) 1. Increase due to the exercise of stock acquisition rights.」
During the first quarter, the number of shares increased by 8,700 through the exercise of stock acquisition rights, bringing issued shares to 2,452,700. In addition, shares increased by 27,850 up to the filing date, indicating that the dilution factor continued to materialize. - FY2020-Q3MaterialisedAnnual report
「1 January 2020–31 March 2020 (Note) 9,000 2,441,000 2,125 355,073 2,125 345,073 (Note) Increase due to the exercise of stock acquisition rights.」
During the third quarter, the number of shares increased by 9,000 through the exercise of stock acquisition rights, bringing issued shares to 2,441,000. The dilution factor from the exercise of stock acquisition rights continued to materialize. - FY2020-Q2MaterialisedAnnual report
「1 October 2019–31 December 2019 (Note 1) 88,250 2,432,000 6,810 352,948 6,810 342,948 Increase due to the exercise of stock acquisition rights.」
During the second quarter, the number of shares increased by 88,250 through the exercise of stock acquisition rights, bringing issued shares to 2,432,000. The disclosure also reports a further increase of 2,500 shares in January 2020, indicating that the dilution factor continued to materialize. - FY2020-Q1MaterialisedAnnual report
「1 July 2019–30 September 2019 (Note) 20,250 2,343,750 5,155 346,138 5,155 336,138」
During the quarter, the number of shares increased by 20,250 through the exercise of stock acquisition rights, indicating that the dilution factor associated with their exercise had actually materialized. - FY2019First statedAnnual report
「As of 30 June 2019, the number of potential shares from these stock options was 261,900, equivalent to 11.3% of the 2,323,500 issued shares.」
The number of potential shares and their proportion of issued shares are quantified at 11.3%. The disclosure also reports an increase of 4,500 shares from the exercise of stock acquisition rights between April and June 2019, indicating that part of the dilution factor had actually materialized.