Worth reading
64In focus
Scored from 4 of 5 sectionsDirection
Neutral
Direction inferred from the company’s description.Scale
43700000
Rights (all unexercised)Wording
Avoiding a definitive answer
How definitive the wording is.Details of issuance or disposal
Issuance through a third-party allotment of stock acquisition rights with provisions for exercise price adjustments (this disclosure concerns the repurchase and cancellation of unexercised rights)
Intended allottee
Ren Yi Han and Cantor Fitzgerald & Co.
Amount of funds to be raised
¥91.650 million (funds raised from exercised rights; estimated net proceeds: Not disclosed)
Specific use of funds
Investment in BTCAmount ¥226.706 million / Scheduled timing of expenditures December 2025 to December 2027
Redemption of BTC bondsAmount ¥1.060 billion / Scheduled timing of expenditures December 2025 to December 2027
Repayment of BorrowingsAmount ¥1.515 billion / Scheduled timing of expenditures December 2025 to December 2027
Working capitalAmount ¥1 billion / Scheduled timing of expenditures December 2025 to December 2027
発行済株式総数
The exercised portion represents 2.89% of the total 45,000,000 rights issued. Share dilution rate: Not disclosed
The dilution rate shows what proportion the newly issued shares represent of the existing shares. The higher the proportion, the more the value and voting rights per share are diluted.
Terms of the stock acquisition rights
Exercise price
Minimum exercise price: ¥42.5. Details of the exercise price adjustment provisions and the adjustment floor other than the minimum exercise price: Not disclosed
Number of Stock Acquisition Rights
45,000,000 rights issued in total, 1,300,000 exercised, and 43,700,000 remaining unexercised
Offering structure
Underwriter / lead underwriter
Cantor Fitzgerald & Co.
Procedures under the Corporate Code of Conduct
The third-party allotment will be submitted as an agenda item for the extraordinary general meeting of shareholders scheduled for 24 November 2026.
Most recent equity financing
Timing 23 December 2025 / Type Stock acquisition rights with exercise price adjustment clauses issued through a third-party allotment / Amount 45,000,000 rights issued in total (aggregate issue price: Not disclosed)
Impact on Business Performance
The impact on the earnings forecast for the fiscal year ending December 2026 is expected to be immaterial.
| Item | Details |
|---|---|
| Type of issuance or disposal | Issuance through a third-party allotment of stock acquisition rights with provisions for exercise price adjustments (this disclosure concerns the repurchase and cancellation of unexercised rights) |
| Amount of funds to be raised | ¥91.650 million (funds raised from exercised rights; estimated net proceeds: Not disclosed) |
| Specific use of funds | Details Investment in BTC / Amount ¥226.706 million / Scheduled timing of expenditures December 2025 to December 2027, Details Redemption of BTC bonds / Amount ¥1.060 billion / Scheduled timing of expenditures December 2025 to December 2027, Details Repayment of Borrowings / Amount ¥1.515 billion / Scheduled timing of expenditures December 2025 to December 2027, Details Working capital / Amount ¥1 billion / Scheduled timing of expenditures December 2025 to December 2027 |
| Intended allottee | Ren Yi Han and Cantor Fitzgerald & Co. |
| Dilution Rate | The exercised portion represents 2.89% of the total 45,000,000 rights issued. Share dilution rate: Not disclosed |
| Exercise price | Minimum exercise price: ¥42.5. Details of the exercise price adjustment provisions and the adjustment floor other than the minimum exercise price: Not disclosed |
| Number of Stock Acquisition Rights | 45,000,000 rights issued in total, 1,300,000 exercised, and 43,700,000 remaining unexercised |
| Underwriter / lead underwriter | Cantor Fitzgerald & Co. |
| Procedures under the Corporate Code of Conduct | The third-party allotment will be submitted as an agenda item for the extraordinary general meeting of shareholders scheduled for 24 November 2026. |
| Most recent equity financing | Timing 23 December 2025 / Type Stock acquisition rights with exercise price adjustment clauses issued through a third-party allotment / Amount 45,000,000 rights issued in total (aggregate issue price: Not disclosed) |
| Impact on Business Performance | The impact on the earnings forecast for the fiscal year ending December 2026 is expected to be immaterial. |
Items this document does not state (17)
Number of shares to be issued or disposed ofIssue price and disposal priceTotal issue valueEstimated issuance expensesPayment dateIntended allottee's holding policyTotal number of issued sharesBasis for determining the amount to be paidExercise periodTransfer restriction periodConditions for lifting transfer restrictionsReason for acquisition without considerationCategories and Number of Persons CoveredTotal Stock-Based CompensationOverallotmentStock Split RatioMajor shareholders after the offering
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The company determined that the likelihood of the stock acquisition rights being exercised was extremely low because the closing share price had remained below the minimum exercise price of ¥42.5 since 6 February 2026. In addition, following the repurchase, the company intends to consider raising new funds at the current share price level and to engage in more flexible discussions and negotiations with shareholders, investors and others.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.