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Metaplanet cuts executive reward pool by 41%, extinguishes $220 million in value
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Bitcoin BTC $ 77,202.55 treasury firm Metaplanet (3350) cut the size of its management equity reward pool by 41% following protests from shareholders.
Key facts
- The Tokyo-based company reduced the total pool of potential shares in the Series 10 Stock Acquisition Rights plan by 41% to 188.2 million, according to filings published on Friday
- Bitcoin BTC $ 77,202.55 treasury firm Metaplanet (3350) cut the size of its management equity reward pool by 41% following protests from shareholders
- However, the 64 million shares Gerovich received through his Aug. 28 rights exercise under the old, inflated terms are not being returned
- When initiated in 2022, the plan established a reward pool of 20% of Metaplanet's fully diluted share capital rather than granting executives a fixed number of shares
Summary
Metaplanet said the changes extinguish more than $220 million of warrant value. CEO Simon Gerovich said the structure was not intended to reward non-accretive or modestly accretive dilution. Gerovich retains the 64 million shares received through his Aug. 28 exercise and the right to acquire another 49.1 million shares. The Tokyo-based company reduced the total pool of potential shares in the Series 10 Stock Acquisition Rights plan by 41% to 188.2 million, according to filings published on Friday.