In brief
- Metaplanet shareholders reportedly approved an $884 million overseas share sale, according to Reuters.
- The Tokyo meeting authorized preferred stock issuance potentially worth $3.8 billion, with Eric Trump attending as strategic adviser.
- The firm’s stock-dependent “flywheel” financing mechanism has “slowed” after both Metaplanet’s stock and Bitcoin slumped in price.
Metaplanet Inc. shareholders reportedly approved an $884 million capital raising proposal on Monday, as the Japanese Bitcoin treasury company battles a financing crunch triggered by its stock plummeting 54% since mid-June.
Three people who attended the extraordinary shareholder meeting in Tokyo’s Shibuya district confirmed the capital-raising plan passed, according to Reuters.
The proposal allows Metaplanet to sell up to 550 million new shares overseas alongside issuing preferred stock.
The financing scramble threatens t
Go to Source to See Full Article
Author: Vismaya V
