Metaplanet CEO responds to 319M-share dispute

Metaplanet CEO Simon Gerovich acknowledged on Sept. 6 that the company had not adequately explained its Series 10 executive option plan or the structure connecting him to major shareholder MMXX Ventures. Summary Metaplanet fixed its Series 10 option pool at 319,464,000 potential shares after removing automatic adjustments. Simon Gerovich exercised 92,000 rights, receiving 64,032,000 shares subject to a five-year transfer restriction afterward. Gerovich said he owns a non-majority interest in MMXX’s parent and makes no trading decisions. Shareholders continue requesting MMXX ownership details and cancellation of 273 million additional reward-pool shares publicly. Gerovich said he is a “significant but non-majority shareholder” in MMXX’s parent company. He denied involvement in MMXX’s investment or trading decisions and said Metaplanet would provide clearer explanations of its corporate structure. The statement followed renewed criticism of a compensation program that grew as Metaplanet issued shares to finance its Bitcoin treasury strategy. Metaplanet capped the plan at 319,464,000 potential shares on Aug. 18, but shareholders argue that the amendment stopped future expansion withou...