BrightPath Bio Co., Ltd. (4594), listed on the Tokyo Stock Exchange Growth market, said on Oct. 5 it has received full payment of ¥2.415 million for its 21st series of stock acquisition rights with an exercise price adjustment clause, allotted to Phillip Capital Securities, which would raise net proceeds of ¥1.95 billion if fully exercised at the initial price of ¥57.
The board approved the third-party allotment on Sept. 18. The 345,000 rights, allotted on Oct. 5, are each exercisable into 100 shares, for a total of 34.5 million potential shares.
| Item | Figure |
|---|---|
| Issue proceeds | ¥2.415 million |
| Rights issued | 345,000 |
| Potential shares | 34.5 million |
| Initial / floor exercise price | ¥57 / ¥29 |
| Estimated net proceeds | ¥1,952,915,000 |
The exercise price resets every trading day, starting the trading day after the allotment date, to 97% of the previous trading day's closing price on the Tokyo Stock Exchange, rounded up to the nearest yen. It cannot fall below the ¥29 floor and has no ceiling, so potential shares remain 34.5 million even at the floor. No reset occurs if there was no closing price. For exercises that count as restricted excess exercises under exchange rules, the price cannot go below the Sept. 18 closing price.
The company said the funding estimate assumes all rights are exercised at the initial price, net of estimated issuance costs, and that the actual amount will change if the price is revised or adjusted, rights go unexercised, or the company acquires and cancels rights. Under a purchase agreement, Phillip Capital Securities needs approval from BrightPath Bio's board to transfer the rights.
The rights are exercisable from Oct. 6, 2026 through Oct. 6, 2027.
| 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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