We are currently aware that the market has a certain level of attention regarding the lock-up expiration on November 25.

Specifically, since the lock-up period due to the follow-on offering conducted last May has terminated on November 25, major shareholders whose share sales were restricted are now able to sell their shares.

We recognize that the expiry of the lock-up following an IPO (Initial Public Offering) is particularly scrutinized – as it allows major shareholders who have invested for a long time since the pre-listing period to sell for the first time – whereas the lock-up expiry due to a follow-on offering does not attract as much attention as the one following an IPO. In fact, in January 2025, when the lock-up due to the follow-on offering conducted in July 2024 expired, we did not receive any particular concerns from investors.

On the other hand, this time, it is also a fact that we have received numerous inquiries from a wide range of investors – both institutional and individual – regarding the potential sale of the remaining shares held by Mai Shin, who is a current director and a former Representative Director and President, and who sold more than half of her holdings in the follow-on offering this past May.

While we cannot comment on Shin’s personal stock holding policy, we would like to add the supplementary point that share sales are not easy for her because, in addition to her position as a current director, our company’s characteristic of conducting continuous M&A often leads to the possession of material non-public information, imposing considerable practical constraints on market sales of shares.

Furthermore, even if a situation were to hypothetically arise where Shin considers the disposal of shares, it is our company’s policy to take the most appropriate measures possible to minimize the impact on shareholder value.