Criteria for Transfers

(note)
  • ・Tokyo Stock Exchange, Inc. (TSE) will restructure its market, effective on April 4, 2022. Considering continued listing criteria for the new market segments, the following criteria for Reassignment to the 2nd Section from the 1st Section about "Market Capitalization" and "Liabilities" will be abolished, effective on June 30, 2021. (The delisting criteria about "Liabilities" will be remained, after June 30, 2021.)

Criteria for Reassignment to the 2nd Section from the 1st Section

Items Criteria for Reassignment
Number of Shareholders (*1) Less than 800 (1 year grace period applies)
Number of Tradable Shares (*2) Less than 10,000 units (1 year grace period applies)
Market Capitalization of Tradable Shares (*3) Less than JPY 1 billion (1 year grace period applies)
Market Capitalization (*4) In the event that it is less than \ 2 billion, it does not increase to \ 2 billion or above within 9 months (or in 3 months if predetermined documents are not submitted)
Liabilities If a listed company falls into the state of liabilities in excess of assets (as a general rule, based on a consolidated balance sheet)
*Excluding cases that fall under any of the following items:
a. Average market capitalization during the 3 months before the end of the business year subject to examination is \100 billion or more (limited to listed companies that properly disclose their improvement plan)
b. There are plans to come out of excess liabilities through legal turnaround, private turnaround, or with revitalization support from Regional Economy Vitalization Corporation of Japan (REVIC)
Trading Volume Average monthly trading volume over the most recent year is less than 40 units.
  • "Number of shareholders" refers to the number of persons who own at least 1 unit of shares, etc. (For more information, please refer to the criteria in “Number of shareholders".)
    Number of Shareholders
  • "Number of tradable shares" refers to listed stocks, etc. excluding shares owned by persons holding at least 10% of the number of listed shares as well as other shares specified by the TSE enforcement rules regarding listing as having little liquidity. (For more information, please refer to the criteria in “Number of Tradable Shares“.)
    Number of Tradable Shares
  • "Market capitalization of tradable shares" refers to the amount obtained by multiplying the closing price in the TSE auction market on the last day of the listed company's business year by the number of tradable shares as of that day.
  • "Market Capitalization" is the average monthly market capitalization (the average of the amounts obtained by multiplying the closing prices in auction trading at TSE by the number of shares listed on the market on each day) or the market capitalization at the end of the month (the amount obtained by multiplying the closing price at the end of the month in auction trading at TSE (if there is no closing price, the most recent closing price will be used) by the number of listed shares at the end of the month). (For more information, please refer to the criteria in “Market Capitalization".)
    Market Capitalization