Risk of failing to meet the listing maintenance criteria for market capitalization of tradable shares
First written in FY2022. 3 of 8 entries say "Reframed", first in 2026-07-08. Latest entry: 2026-10-19.
The whole theme swung hardest in 2023: 3 of 15 companies on the "Worse" side.
1 other company's latest entry also says "Reframed".
- 2026-10-19ReframedShare Issuance and DisposalSuggests it is closing out
「上場廃止後は、当社株式を東京証券取引所グロース市場において取引することはできません。」
上場維持基準への適合をめぐる従来の論点から、完全子会社化に伴い上場廃止となる予定の状況へ、論点がさらに具体化した。 - FY2027-H1ReframedAnnual report
「Following the tender offer for our shares by Arealink Co.,Ltd. and the series of subsequent procedures, our shares are scheduled to be delisted and we are scheduled to become a wholly owned subsidiary. Accordingly, material changes have occurred in the sections of the previous fiscal year's annual securities report on business and other risks titled “(13) Relationship with Other Affiliated Companies” and “(14) Risk Related to the Liquidity of Our Shares.”」
The risk structure has shifted from the previous issue of failing to meet listing maintenance criteria to risks associated with becoming a wholly owned subsidiary and the planned delisting following the tender offer. - 2026-07-08ReframedM&A and Subsidiary ChangesSuggests it is closing out
「In addition, from 1 March 2030, the market capitalization requirement, one of the listing maintenance criteria for the Tokyo Stock Exchange Growth Market, will be ¥10 billion, and meeting this requirement is a challenge.」
The focus has shifted from the previous disclosure concerning compliance with the tradable share market capitalization requirement to the future listing maintenance challenge of meeting the ¥10 billion market capitalization requirement in 2030. The planned acquisition as a wholly owned subsidiary and delisting could ultimately remove this issue, but this is not certain because the tender offer has not yet been completed. - FY2026RestatedAnnual report
「We subsequently complied with the listing maintenance criteria as of the end of January 2024 and continued to comply with them as of the end of January 2026.」
The disclosure states that compliance with the listing maintenance criteria, including the criterion for tradable share market capitalisation, was maintained as of the end of January 2026. - FY2025RestatedAnnual report
「We complied with the listing maintenance criteria as of the end of January 2024 and continued to comply with them as of the end of January 2025.」
The disclosure states that compliance with the listing maintenance criteria, including the criterion for tradable share market capitalisation, was maintained as of the end of January 2025. - FY2024AchievedAnnual report
「Although we did not comply with the criterion for tradable share market capitalisation, we complied with the listing maintenance criteria as of the end of January 2024.」
The disclosure states that compliance with the listing maintenance criteria for tradable share market capitalisation, which had not been achieved in the previous fiscal year, was achieved as of the end of January 2024. - FY2023MaterialisedAnnual report
「We complied with the listing maintenance criteria for the number of shareholders, the number of tradable shares and the tradable share ratio, but did not comply with the criterion for tradable share market capitalisation. Unless we complied with the listing maintenance criteria by the end of January 2024, we would have fallen under the delisting criteria.」
The failure to meet the listing maintenance criterion for tradable share market capitalisation recognised in the previous fiscal year was recorded as an actual non-compliance in the post-listing review. - FY2022First statedAnnual report
「Based on the provisional conditions determined on 8 April 2022, our tradable share market capitalization did not meet the ¥500 million listing maintenance standard.」
The Company planned to increase tradable shares and improve liquidity through a public offering, stock option exercises and market sales by the parent company.