OKWEB, Inc., listed on the Nagoya Stock Exchange Next market under code 3808, told investors on September 3 that its board had only now approved changes to how it spent proceeds from two rounds of stock-acquisition rights, months after part of the money had already moved. The company said the gap itself constitutes a delay in required timely disclosure, and apologized to shareholders and investors for the inconvenience.
The larger shift involves the 24th stock-acquisition rights, resolved in April 2025 to fund "M&A and business development." That earmark shrinks from ¥1,024mn to ¥658mn, with ¥366mn of it redirected to working capital for the period from May 2026 through December 2027. By the end of June 2026, OKWEB had raised ¥503mn through issuance and exercise of those rights, and had already applied ¥169mn of it, ¥137mn to M&A and business development and ¥32mn to working capital, before the board's own resolution caught up with the spending.
A separate, smaller adjustment touches the 21st stock-acquisition rights from a 2023 shareholder allotment. OKWEB raised its budget for call-center vendor spending to ¥47mn from ¥35mn, cut Web3-related funding to ¥18mn from ¥30mn, and pushed back the deadline for its new-business development pot by a year, to June 2027.
The company said part of the 24th-rights proceeds had already been applied as of May 2026, before the board's own resolution or public disclosure of the change, making the September resolution retroactive. The management department responsible for tracking the funds separately did not carry out periodic checks or report to internal meetings, and oversight remained insufficient after May 2026 as a result; the gap surfaced only when OKWEB reviewed spending during the fiscal year-end close for the year ended June 2026. OKWEB said it will build a system to ensure future changes to use of proceeds get board approval and public disclosure before the cash moves, not after.