On October 19, 2020, NichiiGakkan Co., Ltd. announced the Voting Results from Shareholders General Meeting held on October16, 2020. The proposals from LIM Advisors Limited were not considered and Reverse stock split Proposal from Company was approved, so it will carry out a reverse stock split with the following contents regarding the common stock of the Company: i) Ratio of merger with 16,303,849 shares which will be merged into one share, ii) Effective date of the reverse stock split on November 9, 2020, and iii) Total number of issuable shares on the effective date is 16 shares. In addition, Partial amendment of articles of incorporation Proposal from Company was approved: i) Article 6 of the Articles of Incorporation "total number of issuable shares" will be amended on condition that the consolidation of shares will take effect, and ii) If the proposal for the reverse stock split is approved as originally proposed and the reverse stock split becomes effective, the total number of issued shares of the Company will be 4 shares, and it will not be necessary to determine the number of shares constituting one unit.

The Tender Offer has been completed on August 17, 2020, and it will go private as its management's attempt to buy shares in the Japanese nursing service provider in cooperation with U.S. investment fund Bain Capital has ended in success.