Core Viewpoint - Metaplanet, a Japanese bitcoin treasury company, will begin trading its American depositary receipts (ADRs) on December 19 in the U.S. OTC market under the ticker MPJPY, enhancing access and transparency for investors [1][2]. Group 1: ADR Trading Details - The new ADRs will replace the existing unsponsored OTC trading under the MTPLF ticker, which lacked a formal deposit agreement and direct company involvement [2]. - Each ADR represents one common share and will settle through standard U.S. securities infrastructure, with Deutsche Bank Trust Company Americas as the depositary and MUFG Bank as the custodian in Japan [3]. - The ADRs are classified as level I issuance, meaning they are subject to the lowest level of compliance and regulation and cannot trade on regulated exchanges [2][3]. Group 2: Benefits of the New ADRs - The new ADRs provide improved settlement, broader brokerage access, and significantly lower trading fees compared to unsponsored OTC instruments, according to the head of bitcoin strategy at Metaplanet [4]. - The structure of the ADRs removes barriers for both retail and institutional investors, many of whom require compliant ADR frameworks due to regulatory and custodial mandates [4]. Group 3: Market Reaction - Following the announcement, Metaplanet shares increased by over 6% in Tokyo, reaching 443 yen ($2.80) [5].

Core Points - AirNet Technology Inc. will terminate the amended and restated Deposit Agreement effective May 30, 2025 [1][2] - On the effective date, holders of American depositary shares (ADSs) will have their ADSs automatically cancelled and will receive one ordinary share for each ADS cancelled [2] Company Actions - The termination of the Deposit Agreement will be communicated to all holders and beneficial owners of the Company's American depositary receipts (ADRs) around April 30, 2025 [2] - The underlying Deposited Securities will be distributed to ADS holders as part of the Mandatory Exchange [2]