V-cube (TYO:3681) said its voting stake in U.S. unit TEN Holdings will drop below a majority following a new funding round, though the company expects to keep treating TEN as a consolidated subsidiary through the end of fiscal 2025, according to a Tuesday filing on the Tokyo Stock Exchange.
TEN raised about $2.25 million by issuing 991,000 new shares at $2.27 each. V-cube's voting rights ratio will fall to 38% from 51%, while the number of shares it holds remains unchanged.
V-cube said it plans to exclude TEN from consolidation at the start of fiscal 2026, with the timing to be set later.
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