Shareholders approve Metaplanet's 2,100-bitcoin takeover of Super League, giving the Tokyo-listed bitcoin buyer a Nasdaq company to be renamed Superplanet

Tokyo-listed Metaplanet is set to own a Nasdaq-listed bitcoin treasury company. Super League, a Santa Monica gaming and media company, said on Monday that its stockholders had approved all of the proposals linked to Metaplanet's strategic investment at the annual meeting held on Friday, October 16.

Under the deal, first announced in August, Metaplanet's US subsidiary contributes 2,100 bitcoin and $2.5 million in cash. The coins were valued at about $132.1 million at the August 14 reference price and about $170 million as of October 16. In return Metaplanet gets 44,859,400 common shares at a fixed $3.00 each, 100 shares of convertible perpetual preferred stock carrying governance and voting rights, and ten-year warrants over up to 381 million shares in four tranches priced from $3.00 to $33.50. For two years after closing it may also buy up to 2.1 million junior preferred shares at $100 each, another $210 million. Metaplanet accepted a five-year lock-up on its shares.

Cointelegraph puts Metaplanet's resulting stake at 93.7%, with the right to name a majority of the board; Bitcoin Magazine says about 96%. Metaplanet holds about 44,000 bitcoin, Cointelegraph reported, citing industry data, and the US company would raise dollars through preferred shares rather than mainly through debt.

The company will become Superplanet, Inc., ticker SUPA, and keep its advertising business as a separate segment. Chief executive Matt Edelman said the vote "brings us one step closer to redefining what this company can become." Closing, subject to Nasdaq filings and other conditions, is expected in the fourth quarter.