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CoinShares seeks authority to repurchase up to 25% of its ordinary shares
The proposal allows CoinShares to hold repurchased shares in treasury and later use them for employee equity awards, which may limit any permanent share count reduction.
CoinShares has filed notice of a virtual extraordinary general meeting with the US Securities and Exchange Commission on Sept. 15, seeking shareholder approval for a buyback authority covering up to 25% of its ordinary shares, excluding treasury stock, according to CryptoSlate.
The filing shows CoinShares listed 131,780,209 shares in issue at the time of the filing and set a purchase-price range of $0.01 to $20 per share, but CryptoSlate notes the figures are ceilings rather than an execution plan.
CoinShares said it does not currently intend to use the full authority, and any buybacks would depend on market conditions, its financial position, and competing investment opportunities.
Under the proposal, repurchased shares would initially be placed in treasury instead of being cancelled, and the company could later resell the stock, transfer it under an employee share plan, or cancel it, limiting what shareholders can infer about anti-dilution protection from the 25% authorization.