Metaplanet directors push back against shareholder fury over a controversial executive payout plan
Independent directors cite management’s financial risk and restructuring role, but leave questions about Gerovich’s exercised shares and MMXX Ventures unanswered.
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Summary
- Directors defended the 10th series of stock acquisition rights following a 41% cut that extinguished over $220 million in potential warrant value.
- The directors said management bought the rights with personal funds during a financial crisis, arguing the scheme reflects their role in rebuilding Metaplanet.
- The letter does not address Gerovich’s previously exercised 64 million shares or concerns about MMXX Ventures.
