Risk of Declining Share Liquidity After Listing
First written in FY2022. 2 of 7 entries say "Dropped", first in FY2024-Q1. Latest entry: FY2026.
unerry moved to the "Worse" side of this theme in 2026, the same year as the typical company in this theme.
The whole theme swung hardest in 2025: 14 of 48 companies on the "Worse" side.
14 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「The ratio of tradable shares prescribed by the exchange was 33.3% at the end of the fiscal year. The Company plans to improve liquidity through a combination of funds raised by a public offering to finance growth in line with its business plan and the increase in tradable shares resulting from the exercise of stock options, taking these factors into consideration. However, if liquidity declines substantially from the level at listing for any reason, trading in the Company's shares may stagnate, potentially adversely affecting supply and demand for the shares.」
The tradable share ratio declined from 35.9% at the end of FY2025 to 33.3%, and the risk of a substantial decline in liquidity from the level at listing continues to be disclosed. - FY2025The free-float ratio increased, but the risk of reduced liquidity continuesAnnual report
「The free-float ratio specified by the exchange was 35.9% as of the end of the fiscal year. Going forward, the company intends to improve liquidity through a combination of funding through public offerings to secure growth capital in line with its business plan and increases in the number of free-float shares resulting from the exercise of stock options. However, if liquidity declines from the level at listing for any reason, trading in the company’s shares in the market may stagnate, potentially adversely affecting supply and demand for the shares.」
The free-float ratio rose from 28.4% at the end of FY2024 to 35.9%, while the company continues to disclose the risk that liquidity may decline from the level at listing. - FY2025-H1DroppedAnnual report
「Not applicable.」
The business and other risks section of the interim report states, “There are no applicable matters,” and contains no specific mention of the risk of lower share liquidity after listing. This does not establish that the risk itself has disappeared. - FY2024The free-float ratio increased, but the risk of reduced liquidity continuesAnnual report
「The free-float ratio prescribed by the exchange was 28.4% as of the end of the fiscal year. Going forward, our policy is to improve liquidity through a combination of public offerings to raise growth funding in line with our business plan and increases in free-float shares resulting from the exercise of stock options. However, if liquidity declines from the listing level for any reason, trading in the Company’s shares in the market may become stagnant.」
The free-float ratio rose from 27.7% at the end of FY2023 to 28.4%, while the company continues to disclose the risk that liquidity may decline from the level at listing. - FY2024-Q1DroppedAnnual report
「Not applicable.」
The business and other risks section of the quarterly report states, “There are no applicable matters,” and contains no specific disclosure of the risk of reduced share liquidity after listing. - FY2023The free-float ratio increased from the listing level, but the risk of reduced liquidity continuesAnnual report
「The free-float ratio prescribed by the exchange was 27.7% as of the end of the fiscal year. Going forward, our policy is to improve liquidity through a combination of public offerings to raise growth funding in line with our business plan and increases in free-float shares resulting from the exercise of stock options.」
The free-float ratio increased from 26.2% at the time of the initial listing to 27.7%, but the possibility of a future decline continues to be disclosed. - FY2022First statedAnnual report
「The free-float ratio prescribed by the exchange was 26.2% at the time of the initial listing.」
The policy is to improve liquidity by increasing the number of free-float shares through a public offering and the exercise of stock acquisition rights, while disclosing the risk of a decline.