TOKYO, Aug. 31, 2023 (GLOBE NEWSWIRE) -- SYLA Technologies Co., Ltd. (NASDAQ:SYT) ("SYLA" or "the Company"), operator of the largest membership real estate crowd-funding platform in Japan, Rimawari-kun, announced that the record date for ADS holders for payment of the interim dividend has been changed to September 11, 2023. The previously announced record date for ADS holders of August 31, 2023 has been changed for Nasdaq regulatory purposes. Trading of SYLA's ADSs has been temporarily halted in connection with this matter.
Based on an August 30 exchange rate of $1.00 = ¥145.79 and the ADS ratio of 100 ADSs to 1 common share, the interim dividend amount of ¥70 per common share would be equivalent to approximately $0.0048 per ADS. The Company currently anticipates that payment of the dividends is to be made to ADS holders in December 2023.
"The shift in record date for the ADR to September 11th, 2023 does not affect our intent to issue the interim dividend, nor our operations," said Chairman, Founder, and CEO Hiroyuki Sugimoto. "Our commitment to long-term shareholder value remains unwavering, and we look to continue enacting processes that are in the best interest of our stakeholders."
Overview of the Interim Dividend for the Fiscal Year Ending December 2023
| FY 2023 Interim Dividend | FY 2023 Recent dividend forecast announced on May 17, 2023 | FY 2022 Annual Dividend | |
| Record Date | September 11, 2023 (for ADS holders) | - | December 31, 2022 |
| Dividend per share | Interim dividend 70.00 yen | Annual dividend 140.00 yen | Annual dividend 70.00 yen |
| Total dividends | 18,069,870 yen | 16,676,730 yen | |
| Dividend Resource | Retained earnings | - | Retained earnings |
Note: Dividends, if any, will be declared by the Company's Board of Directors, in its sole discretion. There can be no assurance that a dividend will be declared, regardless of the Company's Full Year 2023 performance and results of operations, or that a dividend, if declared, will be in a certain amount.
About SYLA Technologies Co., Ltd.
Headquartered in Tokyo, Japan, our company consists of SYLA Technologies Co., Ltd. and its consolidated subsidiaries (SYLA Co., Ltd., SYLA Solar Co., Ltd., SYLA Brain Co., Ltd., and SYLA Biotech Co., Ltd.). The Company owns and operates the largest membership real estate crowd-funding platform in Japan, Rimawari-kun, which targets individuals, corporate and institutional investors, as well as high net worth individuals. Their mission is to democratize real estate investment around the world through technology and asset management through the Rimawari-kun platform. They are engaged in the overall investment condominium business, including planning, development, construction, sales, rental management, building management, repair work, and the sale of properties. Additional information about the Company's products and services is available at https://syla-tech.jp/en
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discusses the expected gross proceeds and the closing of the offering. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company's reports filed from time to time with the Securities and Exchange Commission ("SEC"), including, but not limited to, the risks detailed in the Company's annual report on Form 20-F, filed with the SEC on April 18, 2023. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
Contact Information
Gateway Group, Inc.
John Yi and Thomas Thayer
[email protected]
Tel +1 (949) 574-3860
