Dilution Risk From a Large-Scale Private Placement
First written in FY2021-Q3. 7 of 10 entries say "Materialised", first in FY2022. Latest entry: FY2026.
Star Flyer moved to the "Worse" side of this theme in 2022, 1 year after the typical company in this theme (2021).
The whole theme swung hardest in 2017: 17 of 34 companies on the "Worse" side.
9 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「The exercise period for the fourth series of stock acquisition rights expired on 9 March 2026.」
Dilution equivalent to 180,000 shares occurred during the fiscal year through the exercise of stock acquisition rights, while the remaining rights equivalent to 869,700 shares lapsed upon expiration of the exercise period, ending the possibility of further dilution from those stock acquisition rights. - FY2026-H1MaterialisedAnnual report
「During the interim accounting period, the exercise of stock acquisition rights increased share capital and capital reserves by ¥179 million each.」
Additional issuance of common shares and an increase in capital through the exercise of stock acquisition rights progressed, further realizing dilution associated with the large-scale private placement. - FY2025MaterialisedAnnual report
「On 25 April 2025, 1,800 … were exercised, and 180,000 new shares were issued.」
The exercise of stock acquisition rights resulted in the additional issuance of 180,000 common shares, further increasing dilution from the private placement and other transactions. - FY2025-H1MaterialisedAnnual report
「Change in total number of issued shares (shares) 31 May 2024 Common shares 89,175」
The issuance of 89,175 common shares in connection with a demand for the acquisition of 185 Class B shares in exchange for common shares further resulted in actual dilution from the private placement and other transactions. - FY2023MaterialisedAnnual report
「During the fiscal year, 5,000 stock acquisition rights with an exercise price adjustment clause were exercised, and 500,000 shares were delivered.」
The exercise of stock acquisition rights resulted in the issuance of 500,000 common shares, further realizing the anticipated dilution risk from a large-scale private placement. - FY2023-Q2MaterialisedAnnual report
「1 July 2022–30 September 2022 Common shares 199,400 … (Note) 1. This represents an increase resulting from the exercise of stock acquisition rights.」
The exercise of the fourth series of stock acquisition rights resulted in the issuance of 199,400 common shares during the second quarter alone, further realizing the anticipated dilution risk. - FY2023-Q1MaterialisedAnnual report
「Common shares 300,600… (Note) 1. This represents an increase resulting from the exercise of stock acquisition rights.」
The exercise of stock acquisition rights resulted in the issuance of 300,600 common shares, and part of the anticipated dilution risk materialized. - FY2022MaterialisedAnnual report
「The increase of 143,200 shares in the total number of issued common shares resulted from the exercise of stock acquisition rights.」
The exercise of stock acquisition rights resulted in the issuance of 143,200 common shares, and part of the anticipated dilution risk materialized. - FY2021RestatedAnnual report
「Stock acquisition rights remain outstanding, but have not been exercised, so there is nothing applicable.」
The issuance of the classes of shares and stock acquisition rights has been completed, but dilution through conversion into common shares or exercise of the stock acquisition rights had not occurred as of the end of the fiscal year. - FY2021-Q3First statedAnnual report
「If the Class A Shares, Class B Shares and fourth-series stock acquisition rights are issued as planned, the transaction would constitute a large-scale private placement. This could dilute the per-share value and ownership interests of the Company’s common shares and adversely affect its share price.」
If all class shares were converted into common shares and all stock acquisition rights were exercised, the maximum dilution rate would be 209.97%, and the resulting shares would represent 67.74% of total voting rights after issuance and exercise.