CoinMeta US stock news: The independent director of Metaplanet (3350) defends its tenth series of stock option plans, which have sparked shareholder protests due to dilution issues. In a letter dated September 29, the directors stated that management purchased these options with personal funds at fair value during a time when the company was facing a financial crisis, and there was no guarantee at that time that the company's transformation would be successful. The current independent directors were not part of the board of directors at the time the options were issued. They believe these options should be considered as a restructuring investment and a long-term incentive. The directors noted that shareholders approved the relevant terms in February 2023, with over 98% of the voting rights in favor, which dropped to 78.3% after excluding the major shareholder Evo at that time. Following shareholder criticism, Metaplanet reduced the potential share pool by 41% to 188.2 million shares on September 11, stating that this eliminated the potential value of warrants worth over $220 million.