Tokyo, May 12, 2015 – Kaken Pharmaceutical Co., Ltd. (“Kaken”) announced that at the Board of Directors meeting held on May 12, 2015, it passed a resolution to change the trading unit for its common stock and to propose a reverse stock split at the 95th Ordinary General Meeting of Shareholders scheduled for June 26, 2015.
1.Change in the Trading Unit for Common Stock
The Japanese stock exchanges have announced the “Action Plan for Consolidating Trading Units,” aimed at consolidating the unit of trading for domestic companies listed on the Japanese stock exchanges to 100 shares. Kaken will observe this plan as a company listed on the Tokyo Stock Exchange, and has resolved to change the trading unit for its common stock from 1,000 shares to 100 shares as of October 1, 2015.
2.Reverse Stock Split
Kaken has resolved to consolidate shares (by conducting a reverse split of one share for every two shares) on October 1, 2015, to adjust the unit of investment to an appropriate level while taking medium to long-term stock price fluctuations and other factors into consideration.
This change the trading unit for common stock and reverse stock split will result in Kaken share investment units of one-fifth the previous level.