Key Takeaways
Shareholders demand the cancellation of roughly 273 million shares added to Metaplanet's executive pay plan.
According to CryptoSlate, Metaplanet shareholders are demanding the cancellation of roughly 273 million potential shares added to an executive compensation pool following the company's Bitcoin-focused fundraising. The Series 10 stock acquisition rights plan originally covered 46 million shares when approved in 2023, but an adjustment mechanism expanded the pool to 319.464 million potential shares as equity was issued to fund purchases totaling 43,000 BTC. Chief Executive Simon Gerovich exercised part of his award, receiving 64.032 million newly issued shares. Although Metaplanet eliminated the adjustment mechanism on Aug. 18 to cap future expansion, it froze the pool at its current size rather than rolling it back. Investors argue that removing the 273 million additional potential shares from the fully diluted share count could increase Bitcoin exposure per share by about 20%. The shares obtained through the plan are subject to a five-year lockup until August 2031. Governance scrutiny has also intensified regarding MMXX Ventures and Metaplanet's transparency, while management has not agreed to surrender the enlarged awards.
Source & Fact-Check Note
This report is synthesized from coverage by CryptoSlate. Information has been fact-checked and structured for market clarity by CoinQuickly’s research desk.
Read original article at CryptoSlate ↗
