SYLA Technologies Prices IPO Of 1.88 Mln ADSs At US$8.00/ADS

SYLA Technologies Co. Ltd., operator of the largest membership real estate crowd-funding platform in Japan, Rimawari-kun, said that it has priced its initial public offering of about 1.88 million American Depositary Shares or "ADSs" at a price of US$8.00 per ADS.

Each 100 ADSs represent one common share of SYLA. The ADSs are expected to begin trading on the Nasdaq Capital Market on March 31, 2023, under the symbol "SYT."

The company expects gross proceeds before deducting underwriting discounts and commissions and other offering expenses to be US$15 million. The closing of the offering is expected to occur on April 4, 2023.

SYLA is scheduled to ring the Nasdaq opening bell on April 10, 2023 after the date of the official trading of its ADSs.

In addition, the company has granted the underwriters a 45-day option to purchase up to an additional 281,250 ADSs at the public offering price per ADS, less underwriting discounts and commissions to cover over-allotments, if any.

The company noted that it plans to use the net proceeds from this offering for working capital and general corporate purposes.

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