Dilution of Equity Value Through Ongoing Fundraising
First written in FY2024. 4 of 5 entries say "Materialised", first in FY2025-H1. Latest entry: FY2026.
ispace moved to the "Worse" side of this theme in 2024, 3 years after the typical company in this theme (2021).
The whole theme swung hardest in 2017: 17 of 34 companies on the "Worse" side.
44 other companies' latest entry also says "Materialised".
- FY2026MaterialisedAnnual report
「As of 31 March 2026, the number of shares underlying stock acquisition rights was 12,935,700, representing a potential dilution ratio of 8.85% relative to the company's total issued shares of 146,209,683. If these stock acquisition rights are exercised, the company's equity value may be diluted.」
Following the increase in issued shares through a public offering and third-party allotment, stock acquisition rights representing 12,935,700 potential shares, or a potential dilution ratio of 8.85%, remained outstanding. - FY2026-H1MaterialisedAnnual report
「As of 31 August 2025, the number of shares underlying stock acquisition rights was 13,722,500, representing a potential dilution ratio of 11.47% relative to the company's total issued shares of 105,901,043.」
In addition to the potential shares underlying the stock acquisition rights, new shares were issued through a public offering and third-party allotment in October 2025, further concretizing the potential for dilution. - FY2025MaterialisedAnnual report
「As of 31 March 2025, the number of shares underlying stock acquisition rights was 13,948,340, representing a potential dilution ratio of 13.2% relative to the company's total issued shares of 105,675,203. If these stock acquisition rights are exercised, the company's equity value may be diluted.」
The number of potential shares increased to 13,948,340 and the potential dilution ratio to 13.2% through third-party allotments and other transactions. - FY2025-H1MaterialisedAnnual report
「On 28 October 2024, payment procedures for the first third-party allotment were completed. The number of newly issued common shares was 2,750,000, and the number of potential shares underlying the stock acquisition rights issued in connection with the offering was also 2,750,000.」
The issuance of 2,750,000 new shares through a third-party allotment and stock acquisition rights representing the same number of potential shares was completed, making the potential dilution more concrete. - FY2024First statedAnnual report
「As of 31 March 2024, the number of shares underlying stock acquisition rights was 6,567,640, representing a potential dilution ratio of 7.1% relative to the company's total issued shares of 93,131,848. If these stock acquisition rights are exercised, the company's equity value may be diluted.」
The company disclosed the risk of dilution from ongoing external financing and the exercise of stock acquisition rights, together with 6,567,640 underlying shares and a potential dilution ratio of 7.1%.