Super League shareholders approve Metaplanet Bitcoin investment
- Super League Enterprise shareholders approved all proposals tied to Metaplanet’s planned investment of 2,100 Bitcoin and US$2.5 million in cash.
- The Bitcoin was valued at approximately US$170 million on 16 October, up from US$132.1 million on the agreement’s reference date.
- If the transaction closes, Super League will become Superplanet and serve as Metaplanet’s US Bitcoin treasury platform, subject to closing conditions.
Super League Enterprise, Inc. (NASDAQ:SLE) secured shareholder approval for a proposed investment that would establish a Bitcoin treasury platform under Metaplanet’s ownership.
Metaplanet, Inc. (TSE:3350) plans to contribute 2,100 Bitcoin (BTC) and US$2.5 million in cash through its US subsidiary.
“I’m deeply grateful to our stockholders for their support. Their approval brings us one step closer to redefining what this company can become,” Chairman, Chief Executive Officer and President Matt Edelman said in a statement.
The Bitcoin contribution was valued at US$132.1 million on 14 August, rising to approximately US$170 million by 16 October.
Metaplanet will receive 44,859,400 Super League shares at US$3 each, alongside preferred stock and warrants covering up to 381 million shares.
Following closing, the company plans to rename itself Superplanet, Inc. and trade on Nasdaq under the ticker SUPA, subject to required conditions.
Metaplanet will lock up its closing shares for five years, while Super League’s advertising and media business will continue operating separately.
Following the announcement, Super League shares closed up 6.90% at US$4.80.
