Withdrawal from the Energy Business and ホープエナジー Bankruptcy

「At a board meeting held on 16 September 2022, the company resolved to transfer all shares of ホープエナジー, all of whose issued shares it held, to an individual, hereinafter the transferee. On the same date, it entered into a share transfer agreement with the transferee and completed the transfer on 20 September 2022. “Number of shares transferred: 200 shares Transfer price: ¥200 (¥1 per share)”」

「As it became difficult to secure electricity, shortage imbalance charges were incurred. In mid-March 2022, fees under the wheeling supply agreements, including shortage imbalance charges payable by ホープエナジー, went unpaid. As a result, the wheeling supply agreements with all general transmission and distribution utilities with which it did business were terminated effective at midnight on 22 March 2022. Consequently, it became substantially difficult for ホープエナジー, which operated the energy business, to continue its operations. The company therefore determined that court-supervised bankruptcy proceedings were the most appropriate course and filed a petition with the Tokyo District Court to commence bankruptcy proceedings on 25 March 2022. An order commencing bankruptcy proceedings was issued on the same date.」