At a meeting held today, the Adastria Co., Ltd. ("Company") Board of Directors approved a resolution to establish a wholly owned subsidiary, Adastria Co., Ltd. ("New Adastria"), as a preparatory company for the purpose of a company split in order to transition to a holding company structure. The Board of Directors also approved the signing of an absorption-type company split agreement ("Absorption-Type Company Split Agreement") with respect to the absorption-type company split ("Absorption-Type Company Split") by which New Adastria will succeed to all rights and obligations related to all businesses ("Business") of the Adastria Group (excluding businesses related to the management and operation of the Adastria Group). As a result, New Adastria has been established as of today, and we have signed the Absorption-Type Company Split Agreement with New Adastria. The aforementioned Absorption-Type Company Split is subject to the approval of the Absorption-Type Company Split Agreement at the Company's general meeting of shareholders.
In addition, the Company's Board of Directors approved a proposal at the meeting held today to change the Company's trade name to and ST HD Co., Ltd. and make other necessary amendments to the Company's Articles of Incorporation upon the conclusion of the Absorption-Type Company Split. This proposal will be submitted to the Ordinary General Meeting of Shareholders schedule to be held May 29, 2025.
* Details of the above release can be viewed in PDF file.
Notice Regarding the Establishment of a Preparatory Company and Signing of Absorption-Type Company Split Agreement in Connection With the Transition to a Holding Company Structure, as Well as Amendments to the Company's Articles of Incorporation (Change in Trade Name, Etc.)