MEDIROM Healthcare Technologies Inc. Announces Up to JPY 50 Million Stock Repurchase Plan by its Controlling Shareholder and CEO
24 Gennaio 2023 - 3:00AM
Business Wire
MEDIROM Healthcare Technologies Inc. (NasdaqCM: MRM), a holistic
healthcare company based in Japan (“MEDIROM” or the “Company”),
today announced that COZY LLC (“COZY”), a company owned and
controlled by Mr. Kouji Eguchi, the CEO and controlling shareholder
of the Company, has entered into a stock repurchase plan (the
“Plan”) with a U.S. investment bank, under which COZY may purchase
up to JPY50 million of the Company’s American Depositary Shares
(“ADSs”), each representing one common share of the Company. On
January 18, 2023, the Board of Directors of the Company approved
the Plan.
“This decision demonstrates my confidence in MEDIROM’s business
fundamentals and growth opportunities,” said Mr. Eguchi, CEO of
MEDIROM. Mr. Eguchi currently owns 1,884,960 common shares of the
Company, representing approximately 38.6% of all issued and
outstanding common shares of the Company.
The Plan is made in accordance with Rules 10b5-1 and 10b-18 of
the Securities Exchange Act of 1934, as amended. Under the Plan,
COZY may purchase up to JPY 50 million of the ADSs from time to
time during the period commencing on February 13, 2023 and ending
on March 31, 2023; however, COZY has no obligation to do so. The
timing and manner of the purchases and the price and amount of ADSs
to be purchased will depend on a number of factors, including
without limitation, market price of ADSs, general market and
economic conditions, applicable legal requirements and other price,
market, volume and timing constraints specified in the Plan, and
there is no assurance that COZY will purchase any ADSs under the
Plan at all. All purchases of ADSs to be made under the Plan will
be funded by Mr. Eguchi personally.
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements for purposes of the safe harbor provisions under the
U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements may include estimates or expectations
about the Company’s possible or assumed operational results,
financial condition, business strategies and plans, market
opportunities, competitive position, industry environment, and
potential growth opportunities. In some cases, forward-looking
statements can be identified by terms such as “may,” “will,”
“should,” “design,” “target,” “aim,” “hope,” “expect,” “could,”
“intend,” “plan,” “anticipate,” “estimate,” “believe,” “continue,”
“predict,” “project,” “potential,” “goal,” or other words that
convey the uncertainty of future events or outcomes. These
statements relate to future events or to the Company’s future
financial performance, and involve known and unknown risks,
uncertainties and other factors that may cause the Company’s actual
results, levels of activity, performance, or achievements to be
different from any future results, levels of activity, performance
or achievements expressed or implied by these forward-looking
statements. You should not place undue reliance on forward-looking
statements since they involve known and unknown risks,
uncertainties and other factors which are, in some cases, beyond
the Company’s control and which could, and likely will, affect
actual results, levels of activity, performance or achievements.
Any forward-looking statement reflects the Company’s current views
with respect to future events and is subject to these and other
risks, uncertainties and assumptions relating to the Company’s
operations, results of operations, growth strategy and liquidity.
The Company assumes no obligation to publicly update or revise
these forward-looking statements for any reason, or to update the
reasons actual results could differ from those anticipated in these
forward-looking statements, even if new information becomes
available in the future.
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version on businesswire.com: https://www.businesswire.com/news/home/20230123005295/en/
Investor Relations Team Junpei Akashi ir@medirom.co.jp
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