Metaplanet Independent Directors Defend Executive Equity Incentive Plan

Independent directors at Metaplanet have issued a public letter defending the company's 10th stock acquisition rights plan following shareholder criticism. The board argued that the plan, which aims to maintain management's 20% stake, was a restructuring investment made when the company faced financial distress. In response to opposition, the company reduced the potential new share issuance by 41% to 188.2 million shares, canceled automatic adjustments after September 2025, and imposed vesting restrictions until 2031.