Terra Drone Corporation's fourth and final tranche of stock acquisition rights, the reset-price warrants known as the 21st series, has cleared entirely. The Tokyo Growth-listed drone group confirmed that a bulk exercise on September 7, 2026 finished off the tranche, leaving zero warrants outstanding.
The mass exercise delivered 102,000 new shares from 1,020 warrants, or 47.82 percent of the series' total issue, in a single trading day. That closes out a staged financing programme that ran from the 18th series through the 21st, all allotted to Mizuho Securities through a third-party placement on July 6, 2026.
Combined proceeds from the four Mizuho-allotted series reached ¥11.92bn, including issuance prices. That is ¥290.0mn above the ¥11.63bn originally projected when the rights were priced, because a portion of the warrants were exercised at levels above the initial exercise price under the series' reset-price mechanism.
A separate, smaller tranche adds to the total. Terra Drone's president and CEO holds fixed-price warrants from the 23rd through 25th series, allotted the same day as the Mizuho placement, and those have already been fully exercised, bringing in ¥60.5mn. Together, the two funding streams put Terra Drone's cumulative capital raised from this warrant programme at ¥11.98bn as of the announcement date.
The company also reported compliance with Tokyo Stock Exchange and Japan Securities Dealers Association exercise-restriction rules. The September deliveries equalled a 1.04 percent ratio against the 9,775,900 shares listed at the relevant payment date, with 10,662,800 shares outstanding before the month began.