New Risk • May 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 9.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (JP¥4.99b market cap, or US$31.4m). Announcement • May 20
Moi Corporation announced that it expects to receive ¥921.525 million in funding from SBI Holdings, Inc. Moi Corporation announced private placement to issue 3,351,000 common shares at an issue price of ¥275 for gross proceeds of ¥921,525,000 on May 19, 2026. The transaction includes participation from SBI Holdings, Inc. The company will issue shares by third party allotment. The transaction is approved by board of directors of the company and is expected to close on June 4, 2026, to July 31, 2026. Post closing the investor will hold will be 3,534,400 shares (35,344 voting rights) that represents 20.41% STAKE of the 17,317,000 shares (13,966,000 shares total outstanding shares as of January 31, 2026, and 3,351,000 shares added by this third-party allocation. Post issuance SBI Holdings, Inc. The estimated net proceeds to be raised are ¥896,525,000 and the estimated issuance expenses are ¥25,000,000 that includes advisory fees (including attorney fees), registration-related fees, and fees for preparing securities registration statements, etc. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to JP¥357, the stock trades at a trailing P/E ratio of 49.4x. Average trailing P/E is 17x in the Software industry in Japan. Total returns to shareholders of 2.0% over the past three years. 
