Dilution and Continued Listing Risk from the Conversion of Series A Preferred Shares into Common Shares
First written in FY2025. 1 of 2 entries say "Worsened", first in FY2026. Latest entry: FY2026.
Kasai Kogyo moved to the "Worse" side of this theme in 2026, 1 year after the typical company in this theme (2025).
The whole theme swung hardest in 2025: 2 of 10 companies on the "Worse" side.
1 other company's latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「The dilution rate, calculated using the number of voting rights attached to our total issued shares as of 31 March 2026 as the denominator, will be 261.00%.」
The dilution rate if all Class A preferred shares are converted into common shares increased from the previously disclosed 260.97% to 261.00%. - FY2025First statedAnnual report
「If all Class A preferred shares are converted into our common shares at their original acquisition price, the dilution rate, calculated using the number of voting rights attached to our total issued shares as of 31 March 2025 as the denominator, will be 260.97%.」
The company has newly disclosed as risks the possibility that the right to demand acquisition of Class A preferred shares in exchange for common shares could result in a dilution rate of 260.97%, and that conversion of all the shares could cause it to fall below the continued-listing standard requiring a free-float ratio of at least 25%.