Medrex's new reset warrants started turning into shares almost immediately. In June, the same month the Tokyo Growth-listed company issued its 35th share acquisition rights with an exercise-price adjustment clause to Growth Capital, it delivered 906,000 shares on exercises. That meant 9,060 warrants were exercised, equal to 6.13% of the 147,820 warrants originally issued, leaving 138,760 warrants outstanding at month-end, equivalent to 13,876,000 shares.
| Feature | Value |
|---|---|
| Shares delivered in June | 906,000 |
| Warrants exercised in June | 9,060 |
| Share of total warrants exercised | 6.13% |
| Unexercised warrants on June 5 | 147,820 (14,782,000 shares) |
| Unexercised warrants at June end | 138,760 (13,876,000 shares) |
| Exercise ratio under TSE rule disclosure | 1.53% |
The starting point matters because the warrants were only issued on June 5. By the end of the same month, the outstanding count had already fallen from 147,820 warrants to 138,760. The daily exercise log also shows that the conversion pace was uneven. The largest share deliveries were 218,100 on June 22 and 207,800 on June 18, with additional issuance on June 9, 15, 16, 17 and 23. In the table provided, those deliveries appear in the new-share column rather than the treasury-share transfer column.
Medrex also said the June exercises complied with the Tokyo Stock Exchange's exercise-restriction disclosure under listing rule 434. The filing puts the month's exercise ratio at 1.53%, measured against 59,365,100 listed shares at the time the warrants were paid in. That makes the disclosure worth reading carefully, because it uses two different percentages: 6.13% as a share of the warrant total, and 1.53% as a share of listed stock. Outside Japan, the read-through is less about quarterly operations than about capital structure: this notice tells investors how much of a recently issued warrant stack has already been converted into stock, and how much remains live.
What this notice does not provide, at least in the source text supplied here, is a full cash picture. The daily exercise-price column is shown as dashes in the monthly table, and the company directs readers to its May 20 notice on the warrant issue and allotment agreement for the detailed terms. So this filing is useful as a progress report on share issuance, but not yet a complete account of proceeds or of how the remaining warrants will be exercised.