Super League Enterprise (Nasdaq: SLE) stockholders approved every proposal tied to Metaplanet’s planned investment of 2,100 BTC and $2.5 million in cash, the company said in a filing on Monday. Metaplanet, which CryptoWatchDesk last covered on 13 Oct when it announced a ¥52 billion convertible bond, would own about 95.7% of the common stock, an information statement shows.
The bitcoin is the entry ticket; the real asset is a US issuer. Metaplanet has raised capital outside the US so far, through Tokyo-listed shares and, this month, Euro-Yen convertible bonds. Superplanet plans to raise dollars mainly through non-convertible perpetual preferred stock rather than term debt, Super League told investors in an October presentation. The 2,100 BTC equals about 4.8% of the 44,000 BTC Metaplanet reported holding at the end of September.
The terms were fixed on 18 Aug. Metaplanet’s US subsidiary receives 44,859,400 shares at $3.00 each, 100 convertible perpetual preferred shares with governance rights and 10-year warrants for up to 381 million more shares, exercisable at $3.00 to $33.50. It may also buy up to $210 million of junior preferred stock within 24 months, and its shares are locked up for five years.
The 2,100 BTC were valued at about $132.1 million at the August reference price and about $170.0 million on 16 Oct, the release said. On the share issuance, the vote was 1,055,621 for and 25,314 against. Metaplanet will name a majority of a board of up to nine, at least three of them independent. At closing, expected in the fourth quarter, the company becomes Superplanet, Inc. (Nasdaq: SUPA); Matt Edelman stays chief executive.
Preferred stock is also Strategy’s main funding tool; its STRC buyback limit rose to $3 billion in Strategy’s 19 Oct filing. Closing still depends on customary conditions, including Nasdaq filings. Super League shares were near $4.86 at 19:51 UTC, according to Yahoo Finance, against the $3.00 issue price.
This article is for information only and is not investment advice.