Announcement of Acquisition of Treasury Shares

SHIFT Inc. (“SHIFT,” headquartered in Minato-ku, Tokyo, Japan; Masaru Tange, CEO and Representative Director) is announcing that its Board of Directors resolved today to acquire treasury shares based on Article 156 of the Companies Act, as applied pursuant to Article 165, Paragraph 3.

1. Reason for Acquiring Treasury Shares
The Introduction of the Restricted Stock Unit Plan (hereinafter “the Plan”) was approved at the 16th Annual General Meeting of Shareholders held on November 26th, 2021. The Plan was introduced to provide SHIFT’s Directors (hereinafter “the Directors”) incentives to sustainably improve SHIFT’s corporate value and to share value with our shareholders.

Ever since the introduction of the Plan in 2021, SHIFT has granted 15,431 units in total to the Directors as a part of the compensation (Performances of December 2021 and December 2022). As planned, SHIFT will continue the Plan as SHIFT regards that it promotes to provide the Directors incentives and to share value with our shareholders.

On the other hand, the share would be diluted if SHIFT issue new shares every year in order to continue the Plan. Therefore, to avoid dilution and to maximize the effectiveness of the Plan, its Board of Directors decided to acquire treasury shares.

SHIFT will discuss variety of measures including treasury shares and strategic investment opportunities such as M&A to increase the corporate value and to maximize the return to shareholders, while observing SHIFT’s financial situation, business environment, share price and share market situation.

Please refer to the link below for further information.
20241010_treasury shares_EN_fin