Giftee Inc. entered into a share exchange to acquire 26.7% stake in Sow Experience Inc. for approximately ¥480.
February 11, 2021
Share
giftee Inc. (TSE:4449) entered into a share exchange to acquire 26.7% stake in Sow Experience Inc. for approximately ¥480 on February 12, 2021. Under the terms, giftee will acquire 87 shares of Sow. 1,546 shares of the Company's common stock will be allotted and delivered for each share of Sow common stock. At the time of the Share Exchange, 134,502 shares of the Company's common stock will be allotted and delivered. In a related transaction, giftee Inc. agreed to acquire 73.3% stake in Sow Experience Inc. As a result of transactions, Sow Experience will become a wholly owned subsidiary of giftee. As at September 20, 2020, Sow Experience had net assets of ¥174 million and total assets of ¥762 million. For the year ended September 20, 2020, Sow Experience had revenues of ¥1.4 billion, operating loss of million ¥104 and net loss of ¥104 million. The officers and employees who are scheduled to continue working after the integration. The Share Exchange is scheduled to be carried out for the Company without approval by the General Meeting of Shareholders of the Company. The share exchange has been approved by the Board of Directors on February 12, 2021. Effective date of share exchange is March 12, 2021.
giftee Inc. is a Japan-based company principally engaged in the planning, development and operation of e-gift services for individuals, corporations and local governments. The main services include giftee service, giftee for Business service, eGift System service, and local currency service Welcome! STAMP. The giftee service allows an individual user to select an e-gift on the giftee application or a Website browser, purchase it by credit card or carrier payment and send it to those who receive it via social networking service (SNS). The giftee for Business can be used when a corporation gives a gift to its users through a campaign. The eGift System service allows corporations such as restaurants and retail stores to generate, distribute, sell, settle, and manage results for e-gifts. The Company also receives system usage fees from local currency issuers who have introduced the Welcome! STAMP local currency service.
GIFTEE INC. 
