ACSL Ltd., the drone maker listed on the Tokyo Stock Exchange's Growth market, has finished a new share sale aimed entirely at investors outside Japan, and the pricing has a knock-on effect nobody holding the company's warrants can ignore.
The placement, resolved by the board on August 24 and priced the next day, sold 4,180,000 new shares at ¥1,237.25 each, raising total proceeds of ¥5.17bn. Payment was completed by the time ACSL filed its disclosure on September 8, lifting shares outstanding from 19,572,474 to 23,752,474, an increase of 4,180,000 shares before accounting for any warrant exercises since August 21.
That payment price sits below the market-value threshold written into the terms of ACSL's outstanding stock acquisition rights, the company said, which triggers a mechanical downward adjustment rather than a discretionary one. Eight separate warrant series, some dating back to 2017, now carry lower exercise prices effective September 9.
| Warrant series | Board resolution date | Old exercise price | New exercise price |
|---|---|---|---|
| 2017 No. 2 | July 7, 2017 | ¥163 | ¥156 |
| 2018 No. 1 | January 17, 2018 | ¥207 | ¥198 |
| 2021 No. 2 | June 28, 2021 | ¥2,566 | ¥2,438 |
| 2022 No. 2 | June 10, 2022 | ¥1,897 | ¥1,803 |
| 2023 No. 3 | June 14, 2023 | ¥1,304 | ¥1,239 |
| 2024 No. 2 | June 14, 2024 | ¥879 | ¥836 |
| 2025 No. 1 | June 12, 2025 | ¥1,419 | ¥1,349 |
| 2026 No. 2 | April 1, 2026 | ¥1,704 | ¥1,619 |
The offering was sold only to non-residents of Japan outside the country, so it required no filing or prospectus under the Financial Instruments and Exchange Act, and the underlying shares are not registered under the 1933 US Securities Act, with no US public offering planned. For holders of the affected warrants, the practical upshot is straightforward: converting into ACSL stock now costs less than it did a week ago, across every vintage from 2017 through the series approved as recently as April this year.