Mobile game developer enish (3667) said on Oct. 26, 2026, it will issue moving-strike warrants convertible into 55.8 million shares to EVO FUND through a third-party allotment, aiming to raise ¥1.15 billion if all are exercised at the initial price of ¥21.
The 24th series of stock acquisition rights, allotted to Cayman Islands-based EVO FUND, will have its exercise price reset every trading day to 100% of the lowest closing price over the preceding two consecutive trading days, with a floor of ¥11 and no cap. The ¥1.15 billion figure is net of estimated issuance costs and will change with the share price at exercise.
| Item | Figure |
|---|---|
| Units issued | 558,000 (100 shares each) |
| Issue price | ¥1.116 million (¥2 per unit) |
| Initial / floor exercise price | ¥21 / ¥11 |
| Total exercise value at initial price | ¥1.17 billion |
Under the "commit issue" structure, EVO FUND has in principle committed to exercise at least 279,000 units by Nov. 12, 2027, and all units by Nov. 13, 2028. enish will also issue its third series of unsecured straight bonds to EVO FUND via private placement, and will acquire and cancel the 22nd series of stock acquisition rights it issued through a third-party allotment on May 13, 2026.
The company said sales of an online mahjong game launched in September 2025 and a Yowamushi Pedal title launched in July 2026 have fallen short of initial expectations, delaying investment recovery. It plans to focus on IP titles selected for market potential and profitability, accelerate AI-driven development on a shared platform, overhaul its organization and cost structure, and invest in IP rights and adjacent areas.
Next steps: The warrants will be allotted on Nov. 11, 2026, with an exercise period running from Nov. 12, 2026, to Dec. 12, 2028.
| 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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