Leverage Shares PLC (3CNE) has issued a formal notice convening a meeting of holders of its Leverage Shares 3x Long Coinbase (COIN) ETP Securities (ISIN: XS2399367254), scheduled for 30 November 2026 in Dublin, after the product's ETP Security Value fell below 2% of its Principal Amount on 2 November 2026. The issuer is proposing a consolidation of the ETP Securities, targeting a post-consolidation value of approximately US$30 per security. The meeting requires an Extraordinary Resolution passed by at least 75% of votes cast to proceed, with voting instructions due by 3:10pm Dublin time on 26 November 2026.

Key Points

  • Leverage Shares PLC (3CNE) — Dublin-domiciled issuer of exchange-traded product securities
  • ETP Security Value of the 3x Long Coinbase (COIN) series fell below 2% of Principal Amount on 2 November 2026, triggering a mandatory meeting obligation under Condition 8.5(A)(1)
  • Consolidation targets approximately US$30 per ETP Security; the Consolidation Ratio will be calculated as Target ETP Security Value divided by the ETP Security Value on a designated Valuation Date
  • Investors should watch whether the Extraordinary Resolution achieves the required 75% majority at the 30 November 2026 meeting

Coinbase ETP Security Value Drops Below 2% of Principal Amount, Triggering Condition 8.5 Meeting Obligation

The notice confirms that on 2 November 2026, the ETP Security Value of the Leverage Shares 3x Long Coinbase (COIN) series fell below 2% of its Principal Amount, constituting a Threshold Event Date under Condition 8.5(A)(1) of the ETP Securities. This condition obligates the issuer to convene a securityholder meeting within 30 calendar days of that date for the purpose of considering an Extraordinary Resolution. Leverage Shares has also confirmed it has decided not to exercise its discretion to suspend redemptions under Condition 8.5(A)(2), meaning redemptions of these ETP Securities remain available to holders during this period.

Proposed Consolidation Targets US$30 per ETP Security to Improve Secondary Market Liquidity

The issuer is proposing to consolidate all outstanding ETP Securities of the series into securities carrying a proportionately higher ETP Security Value of approximately US$30 each. The Consolidation Ratio — defined as the Target ETP Security Value divided by the ETP Security Value on a designated Valuation Date — will be rounded down to the nearest full integer. Any fractional entitlements arising from the consolidation will be redeemed by the issuer. The announcement states the consolidation is reasonably expected to improve liquidity for secondary market investors, though it will reduce the aggregate total value of the Principal Amount and Principal Protection Amount across the series.

Two Known Holders of 2,000 ETP Securities Indicate Support, Raising Approval Prospects

The announcement states that Leverage Shares is aware of two holders of ETP Securities, together holding 2,000 securities of the relevant series, who have indicated their intention to vote in favour of the consolidation proposal. The issuer notes that if these indications are correct and no other securityholders choose to vote, it is anticipated the proposal will ultimately be approved. The quorum requirement at the original meeting is two or more securityholders holding or representing more than 50% of outstanding ETP Securities. If quorum is not achieved within 15 minutes, the meeting may be adjourned by between 14 and 42 calendar days.

Extraordinary Resolution Requires 75% Majority; Voting Deadline Set for 26 November 2026

To pass, the Extraordinary Resolution requires a majority of at least 75% of votes cast at the 30 November 2026 meeting. ETP Securityholders must instruct their relevant clearing system to block their securities no later than 48 hours before the meeting time. Voting instructions must reach the Registrar by 3:10pm Dublin time on 26 November 2026. If passed, the resolution will be binding on all securityholders whether or not they voted. Apex Corporate Trustees (UK) Limited acts as Trustee but has expressed no opinion on the merits of the proposal, recommending that securityholders seek independent professional advice.