SYLA Technologies Announces Intention to Establish Employee Stock Purchase Plan

Rhea-AI Summary

SYLA Technologies Co., Ltd. (NASDAQ: SYT) announced its plans to establish an Employee Stock Purchase Plan (ESPP) to enhance corporate value and provide employee benefits. The plan aims to offer partial ownership in the Company to employees, aligning their interests with the corporation and providing greater wealth accumulation opportunities. The ESPP is expected to begin in August 2023, with voluntary membership for employees and a subsidy for purchases.

TOKYO, Aug. 16, 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 it intends to establish an Employee Stock Purchase Plan (“ESPP”) as part of its efforts to enhance corporate value and provide employee benefits.

SYLA intends to establish such a plan due to the many benefits to both the Company and its employees. These benefits include employee engagement in partial ownership in the Company, retention and recruitment purposes, interest alignment between corporation and employee, and importantly the ability for employees to gain greater wealth accumulation opportunities through the Company. The Company also intends to provide a subsidy for purchases.

Expected Outline of the ESPP

Name	SYLA Technologies Employee Stock Purchase Plan
Securities to be purchased	American Depositary Shares (100 ADSs = 1 common share of SYLA)
Eligibility	Employees (voluntary membership)
Establishment	Expected August 2023 (Scheduled to begin with July payroll contributions)
Contribution	Generally in units of 1,000 yen each, with a maximum of 200 units (200,000 yen) at the time of monthly salaries and 400 units (400,000 yen) at the time of bonuses.
Company subsidy	An amount equal to 20% of employee contributions
Timing for withdrawal	Voluntary or at retirement

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
SYLA@gateway-grp.com
Tel +1 (949) 574-3860

FAQ

What is the name of the Employee Stock Purchase Plan established by SYLA Technologies Co., Ltd. (NASDAQ: SYT)?

The plan is named SYLA Technologies Employee Stock Purchase Plan.

What securities are eligible for purchase under the ESPP by SYLA Technologies Co., Ltd. (NASDAQ: SYT)?

Employees can purchase American Depositary Shares, where 100 ADSs equal 1 common share of SYLA.

Who is eligible to participate in the Employee Stock Purchase Plan announced by SYLA Technologies Co., Ltd. (NASDAQ: SYT)?

The plan is open to employees on a voluntary membership basis.

When is the expected establishment date of the ESPP by SYLA Technologies Co., Ltd. (NASDAQ: SYT)?

The plan is scheduled to be established in August 2023, with contributions starting from July payroll.

What is the maximum contribution limit for employees under the Employee Stock Purchase Plan by SYLA Technologies Co., Ltd. (NASDAQ: SYT)?

Employees can contribute in units of 1,000 yen each, with a maximum of 200 units (200,000 yen) at the time of monthly salaries and 400 units (400,000 yen) at the time of bonuses.

Will SYLA Technologies Co., Ltd. (NASDAQ: SYT) provide a subsidy for employee contributions to the ESPP?

Yes, the Company intends to provide an amount equal to 20% of employee contributions as a subsidy for purchases.

When can employees withdraw from the ESPP established by SYLA Technologies Co., Ltd. (NASDAQ: SYT)?

Employees can make voluntary withdrawals or withdraw at retirement.