SYLA Authorizes ¥200.0 Million ($1,385,000) ADS Repurchase Program
06 Juillet 2023 - 2:30PM
SYLA Technologies Co., Ltd. (NASDAQ: SYT)
(“SYLA” or “the Company”), operator of the largest
membership real estate crowd-funding platform in Japan,
Rimawari-kun, today announced that its Board of Directors has
authorized a repurchase program (the “Program”) pursuant to which
it may repurchase up to ¥200.0 million ($1,385,000) of its
American Depositary Shares (“ADSs”), each ADS representing one
one-hundredth of a common share of the Company.
The Board of Directors approved the Program as follows:
Total amount of ADSs to be repurchased: ¥200.0 million (JPY)
($1,385,000) (maximum limit).Repurchase Period: One year from the
resolution on this matter at the Board of Directors Meeting of the
Company on July 6th, 2023 JST (excluding the blackout period as
defined in the Insider Trading Policy).Method of Acquisition:
On-the-market purchase on NASDAQ or equivalent method.Acquisition
Price: Market price on NASDAQ or equivalent price.
“We are happy to announce our decision to implement an ADS
repurchase program, which reflects our commitment to enhancing
shareholder value, and reinforces our confidence in the long-term
corporate and growth strategies,” said SYLA’s Chairman, Founder,
and CEO Hiroyuki Sugimoto. “By undertaking a scaled repurchase of
our ADSs, we signal to the market our belief in the strength of
SYLA, the current and future value that these ADSs hold, and the
prospects of our current endeavors. We believe that prudent and
measured capital allocation early on in a company’s public market
journey lays the foundation for the optimization of our capital
structure, and solidifies our ability to pursue further organic and
inorganic growth measures. We are confident this decision will
exemplify our commitment to steady and foreseeable returns as we
remain dedicated to the maximization of shareholder value.”
About SYLA Technologies Co., Ltd.Headquartered
in Tokyo, Japan, our company consists of SYLA Technologies Co.,
Ltd. and its consolidated subsidiaries (SYLA Co., Ltd., SYLA Solar
Co., Ltd., SYLA Brain Co., Ltd., and SYLA Biotech Co., Ltd.). The
Company owns and operates the largest membership real estate
crowd-funding platform in Japan, Rimawari-kun, which targets
individuals, corporate and institutional investors, as well as high
net worth individuals. Their mission is to democratize real estate
investment around the world through technology and asset management
through the Rimawari-kun platform. They are engaged in the overall
investment condominium business, including planning, development,
construction, sales, rental management, building management, repair
work, and the sale of properties. Additional information about the
Company’s products and services is available at
https://syla-tech.jp/en
Cautionary Note Regarding Forward-Looking
StatementsThis press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act and other securities laws. Words such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates”
and similar expressions or variations of such words are intended to
identify forward-looking statements. For example, the Company is
using forward-looking statements when it discusses the expected
gross proceeds and the closing of the offering. Forward-looking
statements are not historical facts, and are based upon
management’s current expectations, beliefs and projections, many of
which, by their nature, are inherently uncertain. Such
expectations, beliefs and projections are expressed in good faith.
However, there can be no assurance that management’s expectations,
beliefs and projections will be achieved, and actual results may
differ materially from what is expressed in or indicated by the
forward-looking statements. Forward-looking statements are subject
to risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in the
forward-looking statements. For a more detailed description of the
risks and uncertainties affecting the Company, reference is made to
the Company’s reports filed from time to time with the Securities
and Exchange Commission (“SEC”), including, but not limited to, the
risks detailed in the Company’s annual report on Form 20-F, filed
with the SEC on April 18, 2023. Forward-looking statements speak
only as of the date the statements are made. The Company assumes no
obligation to update forward-looking statements to reflect actual
results, subsequent events or circumstances, changes in assumptions
or changes in other factors affecting forward-looking information
except to the extent required by applicable securities laws. If the
Company does update one or more forward-looking statements, no
inference should be drawn that the Company will make additional
updates with respect thereto or with respect to other
forward-looking statements. References and links to websites have
been provided as a convenience, and the information contained on
such websites is not incorporated by reference into this press
release.
Contact Information
Gateway Group, Inc.John Yi and Thomas
ThayerSYLA@gatewayir.comTel +1 (949) 574-3860
SYLA Technologies (NASDAQ:SYT)
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