Completion of Offering and Increase in Registered Capital
January 21, 2025, Tokyo, Japan: MEDIROM Healthcare Technologies Inc. (NASDAQ: MRM) (the “Company” or “MEDIROM”), a health technology and holistic healthcare company headquartered in Tokyo, Japan and led by CEO Kouji Eguchi, announces that, on January 14, 2025, all corporate capital registration procedures under Japanese law were completed with respect to the Company’s offering of 2,860,000 common shares represented by American Depositary Shares, generating gross proceeds of approximately $5 million, which offering closed on December 11, 2024. Following the completion of the corporate capital registration procedures, as of the date of this press release, the Company’s registered corporate capital and capital reserve amounts are 365,019,146 yen and 365,019,145 yen, respectively, and the Company has 7,994,451 total outstanding shares of capital stock.
The Company believes that this offering marks the first follow-on registered underwritten public offering in the United States by a Japanese company listed solely on a U.S. stock exchange.
Purpose of the Offering
The Company intends to use the proceeds from the offering for working capital and general corporate purposes, which may include investments, acquisitions, or strategic collaborations to expand its customer base, as well as the development and marketing of new services.
As a company primarily engaged in business activities within Japan, MEDIROM will continue to focus on improving the profitability and growth of its group business to meet the expectations of its investors, including U.S. investors and those who participated in the public offering.
No Offer or Solicitation
This press release and the information contained herein are not, and do not, constitute an offer to sell any securities or a solicitation of an offer to buy any securities in the United States or any other state or jurisdiction, nor shall any securities be offered or sold in any jurisdiction in which such an offer, solicitation or sale would be unlawful.
About MEDIROM Healthcare Technologies Inc.
MEDIROM, a holistic healthcare company, operates over 300 wellness salons across Japan, Re.Ra.Ku® being its leading brand, and provides healthcare services. In 2015, MEDIROM entered the health tech business and launched new healthcare programs using an on-demand training app called “Lav®”, which is developed by MEDIROM. MEDIROM also entered the device business in 2020 and has developed a smart tracker “MOTHER Bracelet®”. In 2023, MEDIROM launched REMONY, a remote monitoring system for corporate clients, and has received orders from a broad range of industries, including nursing care, transportation, construction, and manufacturing, among others. MEDIROM hopes that its diverse health-related product and service offerings will help it collect and manage healthcare data from users and customers and enable it to become a leader in big data in the healthcare industry. For more information, visit https://medirom.co.jp/en.