Metaplanet cut by 41% the size of its stock reward pool for executives, after shareholders expressed their rejection of the existing scheme.
The Japanese bitcoin treasury company reduced the pool of potential participations under the Series 10 Rights Acquisition Plan to 188.2 million shares, according to documents published on Friday. This decision follows an adjustment already made in August, in which the pool had been cut to approximately 320 million shares.
The original plan, launched in 2022, established a pool equivalent to 20% of Metaplanet’s fully diluted share capital, which drew criticism from investors who entered after the adoption, in 2024, of a strategy focused on buying bitcoin. Those shareholders argued that the mechanism diluted their positions while enlarging those of management.
CEO Simon Gerovich acknowledged, in a post on X, that the measure “extinguishes more than $220 million in warrant value”, the result of the floating mechanism at shareholders’ expense.
However, the 64 million shares that Gerovich received through his rights exercise on August 28, under the original terms, will not be returned. In addition, Metaplanet withdrew its plan to transfer warrants to an employee incentive vehicle and announced that it will design a new compensation scheme together with external advisors.
Source:Â https://metaplanet.jp/en/disclosures
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