Media Kobo Inc. (3815) said on Oct. 5, 2026 its board approved issuing 1,028,400 new shares at ¥389 each to ULTIMATE CLASSIC INVESTMENT LLC (UCI) for ¥400,047,600, along with 15,426 fourth-series warrants, and will use the proceeds to redeem early ¥300 million in outstanding convertible bonds.
Estimated net proceeds from the new shares are ¥351,047,600. Each new warrant, priced at ¥173, is exercisable for 100 shares, for 1,542,600 potential shares. The initial exercise price equals 90% of the Tokyo Stock Exchange close on the trading day before the board meeting, with a floor of ¥303. Funds from the warrants, including exercise, would total ¥602,740,098.
| Item | Figure |
|---|---|
| New shares | 1,028,400 at ¥389 |
| Warrant potential shares | 1,542,600 |
| Exercise price (initial/floor) | ¥389 / ¥303 |
| Bonds to be redeemed | ¥300 million |
Starting six months after the day following allotment, the board may reset the exercise price to at least 90% of the prior trading day's close, but not below the floor. UCI may not exercise warrants to the extent its holdings would exceed 10%, or 1,130,000 shares, of the 11,300,000 shares outstanding.
Media Kobo will use its own funds to buy back and cancel all remaining third-series warrants held by Milestone Capital Management, currently 6,400, at ¥290 each, and will redeem its first-series unsecured convertible bonds at par. The company said its average closing price over the past six months, ¥444, was below the bonds' fixed conversion price of ¥475, one of the main reasons conversions have stalled. It said it aims to tap UCI's network in the Middle East and elsewhere, though no specific partnership has been decided.
The new shares and warrants are scheduled for Oct. 21, 2026, subject to the securities registration taking effect. The third-series warrants will be acquired and canceled on Nov. 5, 2026, and the bonds redeemed on a date the company sets by Aug. 31, 2027, to be announced separately.
| Hikari Tsushin, Inc. | |
| Offer price | ¥1,000 per common share |
| M&A / TOB | 1 |
| Guidance | 0 |
| Buybacks | 0 |
| Dividends | 0 |
| Capital | 0 |
| Earnings | 0 |
| People | 0 |
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