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 106.7%.

Top 20 shareholders own 23.94% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
5.01%	Katsuki Tanabe	3,593,500	JP¥147.3m	126%	no data
4.3%	Kowa Company, Ltd.	3,080,000	JP¥126.3m	0%	no data
3.51%	Evolution Capital Management LLC	2,516,300	JP¥103.2m	-6.14%	1.55%
2.58%	Matsui Securities Co. Ltd., Asset Management Arm	1,848,100	JP¥75.8m	839%	0.31%
2.38%	Rakuten Investment Management, Inc.	1,705,500	JP¥69.9m	152%	0.03%
1.07%	Tomoyuki Teshiba	769,400	JP¥31.5m	0%	no data
0.76%	Securities Japan, Inc, Asset Management Arm	545,300	JP¥22.4m	52.3%	3.16%
0.64%	SBI Asset Management Co., Ltd.	458,209	JP¥18.8m	-46.1%	no data
0.64%	au Kabucom Securities Co., Ltd., Asset Management Arm	455,530	JP¥18.7m	83.9%	0.07%
0.61%	Japan Securities Finance Co. Ltd., Asset Management Arm	437,400	JP¥17.9m	-2.02%	no data
0.43%	Snc Inc.	306,800	JP¥12.6m	0%	no data
0.42%	Masato Sato	298,300	JP¥12.2m	0%	no data
0.32%	JPMorgan Chase & Co, Private Banking and Investment Banking Investments	231,900	JP¥9.5m	0%	no data
0.27%	Shinji Hagiwara	195,100	JP¥8.0m	0%	no data
0.26%	Takeshi Kishima	185,000	JP¥7.6m	0%	no data
0.23%	Satoshi Hasegawa	166,500	JP¥6.8m	0%	no data
0.23%	Daiko Holdings Group	164,200	JP¥6.7m	0%	no data
0.23%	Mitsuru Ito	163,600	JP¥6.7m	0%	no data
0.032%	Yoshio Kuniyoshi	22,900	JP¥939.0k	0%	no data
0.022%	Hiroshi Shinohara	16,000	JP¥656.0k	0%	no data