Super League Files Definitive Proxy for Metaplanet Takeover: 2,100 BTC for 95.7% Control
SLE has more than doubled off its 52-week low of $2.12 on light trading volume (0.1× avg).
Summary
Super League's definitive proxy sets an October 16 vote on the Metaplanet takeover: 2,100 Bitcoin and $2.5M for 95.7% control, plus a $210M preferred stock subscription right and a 6M-share equity plan increase.
Key Events · M&A and Partnerships · SLE
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Metaplanet Takeover Vote Set for October 16
Shareholders vote on issuing up to 435,859,500 shares to Metaplanet and Evo, giving Metaplanet 95.7% of Super League (97.3% fully diluted) for 2,100 Bitcoin and $2.5 million.
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Massive Dilution for Existing Holders
Current stockholders' ownership drops from 100% to approximately 3.9% immediately after closing (0.4% fully diluted), based on 1,997,573 shares outstanding as of the August 17 record date.
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Warrant Structure Revealed
Metaplanet receives warrants for 381M shares across four tranches ($3.00, $10.00, $21.00, $33.50 strike prices); Evo receives warrants for 10M shares ($3.00 and $5.55 strikes).
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$210M Junior Preferred Subscription Right
Metaplanet may purchase up to $210M of non-convertible Junior Liquidity Support Preferred Stock at $100/share within 24 months of closing, with dividends at 3-month Term SOFR plus 4.00%.
Analysis · SLE · Technology
This definitive proxy statement locks in the terms of the Metaplanet acquisition first announced on August 18, 2026. Shareholders vote October 16, 2026 on issuing up to 435.9 million shares, which would hand Metaplanet 95.7% of Super League (97.3% fully diluted) in exchange for 2,100 Bitcoin and $2.5 million. The filing also reveals a $210 million Junior Liquidity Support Preferred Stock subscription right and a 6-million-share increase to the 2025 equity plan. Existing shareholders would see their ownership collapse from 100% to roughly 3.9% immediately after closing — a near-total change of control. The deal is priced at $3.00 per share, which the board states approximated the closing price on August 17, 2026, but today's stock trades at $5.07, meaning the market has already repriced the company well above the deal price. The board did not obtain a fairness opinion, and the filing discloses that the fixed 2,100 BTC consideration could be worth materially less at closing if Bitcoin declines — a risk the board accepted without a price collar or termination right tied to Bitcoin's price.
How filings like this one have moved
In the 30 days to Oct 16, 2026, 44.9% of the 303 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.26%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, SLE was trading at $5.07 on NASDAQ in the Technology sector, with a market capitalization of approximately $12.5M. The 52-week trading range was $2.12 to $92.40. This filing was assessed with neutral market sentiment and an importance score of 9 out of 10.