SHIFT Inc. (TSE:3697) agreed to acquire remaining 42.86% stake in Airitech Co., Ltd. from Masanori Yamasaki and Yumi Yamasaki on October 12, 2021. As a consideration, Shift will issue 10.144 shares, in the ratio of 1:13.486. If there are any fractional shares worth less than one share to be delivered to the shareholders of Airitech upon this Share Exchange, SHIFT will pay the corresponding amount of the fractional share in accordance with the provisions of Article 234 of the Companies Act of Japan and other related laws.

For the year ended on August 31, 2021, Airitech reported Net assets of ¥0.147188 million, total assets of ¥0.281342 million, Net sales of ¥0.865363 million, operating profit of ¥0.039935 million and profit of ¥0.047767 million. The transaction is subject to approval of Shift's shareholder. The transaction is expected to close on November 2, 2021.