Super League will change its name to Superplanet Inc. and its ticker to SUPA upon closing. The deal is expected to close in the fourth quarter, pending stockholder approval and regulatory processes in the U.S. and Japan.
Metaplanet holds 43,000 Bitcoin. On Stocktwits, the retail sentiment around MTPLF moved to the 'neutral' from the 'bullish' zone, while chatter around it shifted to 'high' from 'normal' over the past day.
Deal Terms
In return for the investment, Metaplanet will receive 44,859,400 shares of Super League common stock at $3 per share, 100 shares of convertible perpetual preferred stock and 10-year warrants to purchase up to 381 million additional Super League shares at exercise prices ranging from $3 to $33.50 across four tranches. Another investor, Evo Fund, will receive warrants for up to 10 million shares.
Metaplanet will also have the right to subscribe for up to $210 million of non-convertible junior liquidity preferred stock over 24 months after closing.
After completion of the transaction, Metaplanet would hold more than 95% of Superplanet's outstanding common stock, or approximately 93.6% assuming exercise of existing pre-funded warrants. All shares issued to Metaplanet will be subject to a 5-year lock-up period.
Leadership And Strategy
Superplanet will be chaired by Metaplanet CEO Simon Gerovich, with a nine-director board will have five designated members by Metaplanet. Super League CEO Matthew Edelman will remain as chief executive of Superplanet.
Gerovich said the deal was about building across two capital markets simultaneously. Edelman said the transaction was the beginning of a new model for how a public company can build long-term shareholder value around Bitcoin.
Superplanet's Bitcoin will serve as collateral for any potential future issuances of perpetual preferred stock, which the companies said will be permanent equity capital with no maturity or scheduled repayment, designed to limit long-term dilution for common stockholders.
BTC's price was trading at around $64,725, up over 1% in the past 24 hours. On Stocktwits, retail sentiment around BTC moved to the 'neutral' zone from the 'bearish' zone, while chatter remained at 'normal' levels over the past day.
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Anushka Basu has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy. This article was originally published on StockTwits.
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