On May 30, 2023, Nagahori Corporation announced in its press release that it opposes the proposals by Re Generation Inc. The company's Board of Director states that all 3 points presented by the shareholder are either factually incorrect or false assertions based on erroneous factual perceptions. The reasons presented by the activist as reasons for Shareholder's proposals, do not have any evidence to state that ‘all' of the company's directors, including Ms. Mayuko Sumomo, need to retire due to the expiration of their office terms. The company further stated that (i) The proposal ignores the will of the majority of shareholders and lacks sincerity in its content and is in itself abusive, (ii) The shareholder does not seek to enhance the corporate value, (iii) The candidates for proposed directors are highly questionable in terms of their qualifications and eligibility to serve as directors and could cause irreparable damage to the company's brand image, credibility and corporate value.