METAPLANET’S INDEPENDENT DIRECTORS CALL THE SERIES 10 WARRANTS “TURNAROUND EQUITY” — THE SEPTEMBER 11 CUT TOOK THE PROGRAM FROM 319.5 MILLION SHARES TO 188.2 MILLION — 82.8 MILLION WERE ALREADY DELIVERED AND STAY — THE LETTER NAMES NO DIRECTOR

Metaplanet's independent directors published a letter on September 29, 2026 defending the Series 10 stock acquisition rights. "The warrants are therefore better understood as turnaround equity and a long-term incentive for the founders of Metaplanet as it exists today, as opposed to conventional executive compensation." It is signed "The Independent Directors of Metaplanet Inc." None of them is named.

The numbers are in the September 11 notice. That amendment cut the program from 319,464,000 shares to 188,190,000, down 41%, by lowering each right from 696 shares to 410. It could only cut what had not been handed out. "Shares already delivered are not returned or cancelled." That is 82,824,000 shares, 64,032,000 of them to the one director holding rights, CEO Simon Gerovich. Two executive officers and two employees hold the rest. Another 105,366,000 shares can still be exercised, the unvested part in thirds each August from 2029 to 2031.

The directors put everything tied to the program at about 12.5% of the company's shares. Shareholders approved it in 2023 with more than 98% of the vote, or 78.3% leaving out EVO, then the majority owner. The letter does not mention MMXX Ventures, a disclosed shareholder whose share sales investors have been asking about.

Now who pays. CEBE's feed has Metaplanet at 43,000 BTC and an mNAV of 0.901 as of September 11, so the stock trades below the bitcoin behind it. Each new share splits that bitcoin one more way unless the cash it brings in buys enough to cover it. The directors call it turnaround equity. Shareholders holding stock below its bitcoin value are the ones paying for the turn. At the time of this writing, bitcoin was $84,124.