Dilution of Share Value Through Exercise of Stock Acquisition Rights
First written in FY2020. 15 of 18 entries say "Materialised", first in FY2021-Q3. Latest entry: 2026-10-02.
Sakurasaku Plus moved to the "Worse" side of this theme in 2021, the same year as the typical company in this theme.
The whole theme swung hardest in 2017: 28 of 54 companies on the "Worse" side.
56 other companies' latest entry also says "Materialised".
- 2026-10-02MaterialisedGeneral Meetings of Shareholders
「普通株式 4,564,900株 64,200株 －株 4,629,100株」
発行済株式数の増加について、新株予約権の行使による増加分であると記載しており、希薄化リスクが株式発行として実績化している。 - FY2026-H1MaterialisedAnnual report
「1 August 2025–31 January 2026 (Note 1) 43,500 4,608,400 7 596 7 546 / (Note 1) This increase resulted from the exercise of stock acquisition rights. 2. Between 1 February 2026 and 28 February 2026, the exercise of stock acquisition rights increased the total number of issued shares by 13,800 and increased share capital and capital reserves by ¥2 million each.」
The exercise of stock acquisition rights resulted in the issuance of 43,500 shares during the current interim consolidated accounting period and 13,800 shares in February 2026 after the period-end, with the dilution risk continuing to materialize as actual share issuance. - FY2025MitigatedAnnual report
「As of the end of the current consolidated fiscal year, the number of potential shares represented by stock acquisition rights was 179,700, equivalent to 3.9% of the total 4,564,900 issued shares.」
The potential share ratio declined from 5.1% in the previous fiscal year to 3.9%. Meanwhile, 44,100 shares were issued through exercise during the current fiscal year, and the dilution risk continues to materialize as actual share issuance. - FY2025-H1MaterialisedAnnual report
「The increase resulted from the exercise of stock acquisition rights. / Between 1 February 2025 and 28 February 2025, the exercise of stock acquisition rights increased the total number of issued shares by 30,300 and increased both stated capital and capital surplus by ¥4 million.」
During the interim consolidated accounting period, 8,100 shares were issued through the exercise of stock acquisition rights, followed by 30,300 shares in February 2025 after the period-end, so the dilution risk has continued to materialize as actual share issuance. - FY2024MitigatedAnnual report
「As of the end of the current consolidated fiscal year, the number of potential shares represented by stock acquisition rights was 229,800, equivalent to 5.1% of the total 4,520,800 issued shares. If these stock acquisition rights are exercised in the future, the equity value per share of the Company will be diluted, which may affect the share price in the future.」
The potential share ratio declined from 5.6% in the previous fiscal year to 5.1%. Meanwhile, 6,900 shares were issued through the exercise of stock acquisition rights during the current fiscal year, and the dilution risk remains. - FY2024-Q3MaterialisedAnnual report
「1 February 2024–30 April 2024 (Note 1) 4,500 4,519,300 0 581 0 531 / (Note 1) This increase resulted from the exercise of stock acquisition rights. 2. Between 1 May 2024 and 31 May 2024, the exercise of stock acquisition rights increased the total number of issued shares by 1,500 and increased share capital and capital reserves by ¥0 million each.」
The exercise of stock acquisition rights resulted in the issuance of 4,500 shares during the third quarter accounting period and a further 1,500 shares in May after the quarter-end, with dilution continuing to materialize as actual share issuance. - FY2024-Q2MaterialisedAnnual report
「1 November 2023–31 January 2024 (Note 1) 900 4,514,800 0 580 0 530 / (Note 1) This increase resulted from the exercise of stock acquisition rights. 2. Between 1 February 2024 and 29 February 2024, the exercise of stock acquisition rights increased the total number of issued shares by 4,500 and increased share capital and capital reserves by ¥0 million each.」
The exercise of stock acquisition rights resulted in the issuance of 900 shares during the second quarter accounting period and a further 4,500 shares in February after the quarter-end, with dilution continuing to materialize as actual share issuance. - FY2024-Q1MaterialisedAnnual report
「Between 1 November 2023 and 30 November 2023, the exercise of stock acquisition rights increased the total number of issued shares by 900 and increased share capital and capital reserves by ¥0 million each.」
After the quarter-end, 900 shares were issued through the exercise of stock acquisition rights, and dilution from potential shares continued to materialize as actual share issuance. - FY2023MaterialisedAnnual report
「As of the end of the current consolidated fiscal year, the number of potential shares represented by stock acquisition rights was 252,900, equivalent to 5.6% of the total 4,513,900 issued shares. If these stock acquisition rights are exercised in the future, the equity value per share of the Company will be diluted, which may affect the share price in the future.」
During the current consolidated fiscal year, 36,600 shares were issued through the exercise of stock acquisition rights, and dilution continued to occur. The potential share ratio at the fiscal year-end was 5.6%. - FY2023-Q2MaterialisedAnnual report
「Between 1 February 2023 and 28 February 2023, the exercise of stock acquisition rights increased the total number of issued shares by 1,200 and increased share capital and capital reserves by ¥0 million each.」
After the quarter-end, 1,200 shares were issued through the exercise of stock acquisition rights, and dilution continued to materialize as actual share issuance. - FY2023-Q1MaterialisedAnnual report
「1 August 2022–31 October 2022 (Note 1) 25,800 4,503,100 4 578 4 528 / (Note 1) The increase resulted from the exercise of stock acquisition rights. 2. Between 1 November 2022 and 30 November 2022, the exercise of stock acquisition rights increased the total number of issued shares by 9,600 and increased both stated capital and capital surplus by ¥1 million.」
The exercise of stock acquisition rights resulted in the issuance of 25,800 shares during the first quarter, followed by a further 9,600 shares in November after the quarter-end, so dilution continued to materialize as actual share issuance. - FY2022MaterialisedAnnual report
「As of the end of the current consolidated fiscal year, the number of potential shares represented by stock acquisition rights was 297,900, equivalent to 6.7% of the total 4,477,300 issued shares. If these stock acquisition rights are exercised in the future, the equity value per share of the Company will be diluted, which may affect the share price in the future.」
During the fiscal year, 156,300 shares were issued through the exercise of stock acquisition rights, and dilution continued to occur in practice. The potential share ratio was 6.7% at the fiscal year-end. - FY2022-Q3MaterialisedAnnual report
「1 February 2022–30 April 2022 (Note 1) 38,700 4,465,600 6 572 6 522 / (Note 1) This increase resulted from the exercise of stock acquisition rights. 2. Between 1 May 2022 and 31 May 2022, the exercise of stock acquisition rights increased the total number of issued shares by 11,700 and increased share capital and capital reserves by ¥1 million each.」
The exercise of stock acquisition rights resulted in the issuance of 38,700 shares during the third quarter accounting period and 11,700 shares in the following May, with dilution continuing to materialize as actual share issuance. - FY2022-Q2MaterialisedAnnual report
「Between 1 February 2022 and 28 February 2022, the exercise of stock acquisition rights increased the total number of issued shares by 38,700 and increased share capital and capital reserves by ¥6 million each.」
After the quarter-end, 38,700 shares were issued through the exercise of stock acquisition rights, and dilution from potential shares continued to materialize as actual share issuance. - FY2022-Q1MaterialisedAnnual report
「Change in the total number of issued shares: 61,800 shares. This increase resulted from the exercise of stock acquisition rights. 2. Between 1 November 2021 and 30 November 2021, the exercise of stock acquisition rights increased the total number of issued shares by 44,100 and increased share capital and capital reserves by ¥7 million each.」
The exercise of stock acquisition rights resulted in the issuance of 61,800 shares during the first quarter and 44,100 shares in November 2021, with the dilution risk continuing to materialize as actual share issuance. - FY2021MaterialisedAnnual report
「As of the end of the current consolidated fiscal year, the number of potential shares represented by stock acquisition rights was 482,400, equivalent to 11.2% of the total 4,321,000 issued shares.」
During the fiscal year, 89,400 shares were issued through the exercise of stock acquisition rights, and dilution actually occurred. The potential share ratio at the fiscal year-end declined from 14.4% in the previous fiscal year to 11.2%. - FY2021-Q3MaterialisedAnnual report
「In addition, during the cumulative nine-month period of the current consolidated fiscal year, stock acquisition rights were exercised, increasing share capital and capital surplus by ¥7.177 million each.」
The exercise of stock acquisition rights resulted in the issuance of 43,500 shares during the third quarter accounting period. The dilution risk associated with potential shares has materialized as actual share issuance. - FY2020First statedAnnual report
「As of the date of filing this document, the number of potential shares represented by stock acquisition rights was 596,100, equivalent to 14.4% of the total 4,130,000 issued shares.」
The disclosure states that the exercise of stock options may dilute the equity value per share.