WHY HOW DO COMPANY Ownership

Who are the major shareholders and have insiders been buying or selling?

Recent Insider Transactions

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 115.8%.

Top 18 shareholders own 21.88% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
4.8%	Katsuki Tanabe	3,593,500	JP¥104.2m	126%	no data
4.12%	Kowa Company, Ltd.	3,080,000	JP¥89.3m	0%	no data
2.67%	Evolution Capital Management LLC	1,995,300	JP¥57.9m	-25.6%	0.99%
2.47%	Matsui Securities Co. Ltd., Asset Management Arm	1,848,100	JP¥53.6m	0%	0.24%
2.28%	Rakuten Investment Management, Inc.	1,705,500	JP¥49.5m	0%	0.03%
1.03%	Tomoyuki Teshiba	769,400	JP¥22.3m	0%	no data
0.73%	Securities Japan, Inc, Asset Management Arm	545,300	JP¥15.8m	0%	2.95%
0.61%	SBI Asset Management Co., Ltd.	458,209	JP¥13.3m	0%	no data
0.61%	au Kabucom Securities Co., Ltd., Asset Management Arm	455,530	JP¥13.2m	0%	0.06%
0.58%	Japan Securities Finance Co. Ltd., Asset Management Arm	437,400	JP¥12.7m	0%	no data
0.4%	Masato Sato	298,300	JP¥8.7m	0%	no data
0.34%	JPMorgan Chase & Co, Brokerage and Securities Investments	250,800	JP¥7.3m	0%	no data
0.31%	JPMorgan Chase & Co, Private Banking and Investment Banking Investments	231,900	JP¥6.7m	0%	no data
0.25%	Takeshi Kishima	185,000	JP¥5.4m	0%	no data
0.22%	Satoshi Hasegawa	166,500	JP¥4.8m	0%	no data
0.22%	Daiko Holdings Group	164,200	JP¥4.8m	0%	no data
0.22%	Mitsuru Ito	163,600	JP¥4.7m	0%	no data
0.031%	Yoshio Kuniyoshi	22,900	JP¥664.1k	0%	no data