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BTC Superplanet's first day of trading in the U.S. was booming
On August 18 (Tuesday), Superplanet (Nasdaq: SLE) was booming at the opening of the market. Previously, Metaplanet disclosed a plan to exchange 2100 bitcoins and $2.5 million in cash for approximately 95.7% of Super League Enterprise (Nasdaq: SLE)'s business shares.
After the transaction is completed, the Nasdaq-listed game company will change its name to a U.S. Bitcoin reserve company with the support of Bitcoin holders, the world's third-largest corporate. After the transaction closes, SuperPlanet will abandon the original SLE ticker symbol and use a new stock label SUPA.
Metaplanet and Superplanet specifically emphasized that this transaction is a private issuance of new securities to existing companies, which is different from a reverse takeover or SPAC transaction.
How Metaplan entered the U.S. market
The agreement reached with the Super League (Nasdaq: SLE) opens the door for Metaplan to enter the U.S. market. As a result, the company, led by Simpn Gerovich, received a second listed entity, denominated in a different currency and regulated by a different regulator.
To facilitate the deal, the Japanese company took out 2100 bitcoins (4.9% of its 43,000 bitcoins position) worth approximately $132.1 million, plus $2.5 million in cash, in exchange for 44,859,400 newly issued Super Alliance shares at $3.00 per share. Metaplanet also received preferred stock and warrants.
In total, Metaplanet spent approximately $134.6 million to complete the transaction. The valuation is based on the closing price of Bitcoin on Coinbase at 4 pm New York time on August 14.
Prior to this transaction, Santa Monica-based Super Alliance was an advertising and game media company, and its original business was expected to continue to operate as a separate segment.
The U.S. market is the real target
Metaplanet CEO Simon Grovich is optimistic about entering the U.S. market, saying in his announcement: "Superplanets are our way of building in the United States, the world's deepest capital market."
Grovich confirmed that the two companies will "merge into a unified Bitcoin position, with compound interest growth through two listings in Japan and the United States."
Some details that have been disclosed on how the group will manage its finances include:
The bitcoins contributed by the group will remain within the group and be included in Metaplanet's financial statements. When Superplanet raises funds through instruments such as permanent preferred shares and does not issue new shares, the amount of bitcoins behind each common share is expected to increase, and the amount of bitcoins corresponding to each share of Metaplanet will also increase accordingly.
The deal has been in the works since at least April this year, and Grovich revealed that a small internal team has been "working on something we can't talk about."
Metaplanet obtains rights to Super Alliance Board of Directors
Metaplanet will receive 100 convertible permanent preferred shares from the Super Alliance, giving it voting rights and the right to appoint a majority of members of the Super Planet board of directors.
The Japanese company also received ten-year warrants in four tranches for up to 381 million common shares. Another investor, Evo Fund, received warrants for up to 10 million shares.
Metaplanet has the right to subscribe for up to 2.1 million subordinated liquid preferred shares at a price of US$100 per share within 24 months after the transaction closes. This amounts to $210 million in leverage if needed.
As a balance, all shares Metaplanet acquires at the close of the transaction, as well as any shares acquired in the future through warrants or conversions, will be locked up for five years. This lock is regularly promoted as proof of Metaplanet's long-term commitment.
Traders push SLE share price from US$3 to US$7
The market sees this as a catalyst. SLE shares were weak before the deal was announced, falling 10.6% to $2.70 before trading on Tuesday, near a 52-week low of $2.12, and the stock has fallen more than 92% for the year.
A subsequent announcement was released. SLE shares surged by about 120% during the session, rushing from about US$3.30 to just over US$7.00 within half an hour of opening, and then falling back to around US$6.50.
The financial data platform showed that the intraday high of the day hit US$7.37, compared with the closing price of US$3.02 the previous trading day.
