MEDIROM Healthcare Technologies Inc. Announces Up to JPY 50 Million Stock Repurchase Plan by its Controll
Benzinga MEDIROM Healthcare Technologies Inc. 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.
