ALFW began as a precise regulated promise: pay a fixed price by a fixed date for a new share. Tokenization added a second ledger and upgrade key while leaving the reconciliation agreement outside public view.
On 7 October 2021 the FSC approved up to 194,891,400 registered dematerialized warrants at BGN 0.002 each. During five years each could subscribe one share at BGN 1.
The listed instrument became ALFW, ISIN BG9200001220. The current document translates the strike to EUR 0.51 and fixes 6 April 2027; it guarantees neither cash redemption nor a market price.
After valid exercise, payment and registration, the holder receives the ALFB ordinary share, ISIN BG1100038097. It carries shareholder voting rights and eligibility for any duly declared dividends or residual assets distributed in liquidation; exercise alone does not promise a payment.
In 2023, 128,246,735 warrant votes preceded issuance of 1,100,000 paid shares. Notices, cash and securities registration moved the right; no Base call performed the conversion.
Real says a Q2 2026 Factori agreement led to 35,714,286 warrants on-chain in Q3. Against 169,952,395 legal warrants outstanding, the token is a tranche.
Contract 0x19cf…f977 matches that quantity. It does not show the Central Depository account, beneficial owner or whether a token transfer updates the legal register.
Real assigns regulated functions to partners; Alpha owns 83.65% of Factori and reports about 45.76% economic interest in Real. Licences do not make related-party statements independent evidence.
The reviewed public ALFW materials did not identify segregation, reconciliation frequency, insolvency treatment, an exercise agent or a remedy when the two ledgers disagree.
Real describes identity checks, allowlists and restrictions that can vary by product. Alpha also requires investors to meet the applicable eligibility rules. The public materials reviewed here did not identify the eligible categories and jurisdictions for this particular ALFW token wrapper.
On September 5, 2026, the proxy pointed to implementation 0x421b…129d. The reviewed records did not identify a holder vote controlling that upgrade authority. ALFW therefore has two distinct questions to resolve: what a listed warrant permits its legal holder to do, and how a wallet holder becomes entitled to exercise those rights through the token arrangement. The public wrapper evidence reviewed here does not complete that second connection.
Up to 194,891,400 five-year warrants with a 1:1 share ratio.
The FSC registered the issued warrants.
128,246,735 votes represented 66.17% of issued and unexercised warrants.
Alpha reported 1,100,000 fully paid ordinary shares.
Real identified the regulated intermediary.
The pilot supply appeared at 0x19cf…f977.
The EUR 0.51 subscription right reaches its deadline.
Last evidence review: 2026-09-05
ALFW labels two linked records: Alpha Bulgaria AD’s BSE-listed warrant, ISIN BG9200001220, and a 35,714,286-unit Base token at 0x19cf…f977. The warrant is a time-limited share subscription right; the token is a programmable ledger entry from a Real–Factori pilot. Public documents do not establish direct legal title for every wallet.
Tokenization promises easier settlement and audit trails for a security held in Bulgaria’s dematerialized register. In the reviewed public materials, the bridge remained undocumented: they did not identify a custody acknowledgement, beneficial-owner register, reconciliation rule, investor schedule, exercise instruction or remedy for a mismatch.
The legal warrant has a 1:1 ratio, EUR 0.51 strike and 6 April 2027 expiry. Real says Factori placed 35,714,286 warrants on-chain. The token has 18 decimals and an upgradeable proxy. Product-specific KYC and transfer restrictions may apply, so exercise depends on off-chain recognition and corporate action, not an ERC-20 transfer.
The supply matches Real’s tranche, but the reviewed public materials did not identify custody terms that make every wallet a registered warrant holder. The verified 1:1 ratio is warrant-to-share.
One new Alpha Bulgaria share at EUR 0.51 until 6 April 2027 after valid procedure and payment.
An ALFW token balance alone does not establish the ordinary share’s voting or dividend rights. Those shareholder rights arise after valid exercise, payment and registration; dividends still depend on a valid declaration. The listed warrant holders’ exercise meeting is a separate process, and the reviewed wrapper records do not show that every token wallet can participate in it.
Law and eligibility apply; the reviewed public materials did not identify an ALFW-specific schedule of permitted investors or jurisdictions.
It is an upgradeable proxy; the reviewed public materials did not disclose the complete signer, pause, mint, freeze or recovery policy.
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