Kushim, Inc. (TSE:2345) signed a share transfer agreement to acquire remaining 81.4% stake in Turingum Co., Ltd. from Sequedge Japan Holdings Inc., Yoshinori Hashimoto, Genichiro Sugawara, Hiroki Tahara, Market Wizard Fund Investment Limited Partnership and others for ¥1.6 billion on December 20, 2021. As per terms, 5.26 shares of Kushim, Inc common stock will be allotted and delivered for each share of Turingum. The ratio is based on the assumption that the stock split of 1,000 shares will take effect with December 27, 2021 as the record date and effective date, which is planned by Turingum.

If the split is not conducted, 5,260 shares of the Company's common stock will be allotted and delivered for each share of Turingum. Currently, Kushim Inc. holds 19.58%, Sequedge Japan Holdings Inc. holds 15.33%, Yoshinori Hashimoto holds 15%, Genichiro Sugawara holds 12.41%, Hiroki Tahara holds 5%, Yosuke Kotani holds 5%, Market Wizard Fund Investment Limited Partnership holds 4.5%, T Kensaku Kimura holds 4.16%, Shuhei Mise holds 4%, Reona Hioki holds 1.50% stake in Turingum. Post completion, Turingum Co., Ltd. will become a wholly owned subsidiary of Kushim, Inc. The transaction is subjected to the approval of shareholders of Turingum Co., Ltd. and Kushim, Inc. at the general meeting to be held on January 27, 2022.

The transaction is expected to complete on March 2, 2022. Tokyo Financial Advisers Co., Ltd. acting as a fairness opinion provider to Kushim, Inc. Kataoka Sogo Law Office acting as a legal advisor to Kushim and Tokyo Kokusai Law Office acting as a legal advisor to Turingum.