Risk of delisting due to failure to meet the new Growth Market listing maintenance criteria

「The Tokyo Stock Exchange decided, effective 8 December 2025, to revise certain provisions of its Securities Listing Regulations and other rules, raising the market capitalization requirement among the listing maintenance criteria for the Growth Market from the current “at least ¥4 billion 10 years after listing” to “at least ¥10 billion 5 years after listing.” For the Company, the new criteria are expected to apply from the fiscal year ending May 2030, and there is a possibility that its market capitalization will not meet the criteria when they become applicable.」