Oasis Announcement of the Agreement to Sell its Digital Garage, Inc. Shares to Resona Holdings, Inc.

Oasis Management Company Ltd. (together with private funds that it manages, “Oasis” or “we”), announces today that it has agreed to sell all the Digital Garage, Inc. (“DG”) shares it owns to Resona Holdings, Inc. (“Resona HD”, and the transaction, the “Transaction”).

Oasis has been an investor in DG since 2020, drawn to the Company’s competitive advantages and growth potential in both the payment and investment businesses. As of today, Oasis holds 8,520,200 shares of DG, representing approximately 18.6% of DG’s voting rights. During the investment period, Oasis has actively engaged with DG’s management team with the goal of enhancing DG’s corporate value.

Recently, Oasis received a proposal from Resona HD to acquire Oasis’s stake in DG, and Oasis has agreed to proceed with the Transaction. Resona HD is already in a capital and business alliance with DG, including joint initiatives to build a sales framework in the payment business. Through this additional acquisition of shares, Resona HD aims to deepen the existing partnership and further strengthen collaboration in the payment business as part of its broader efforts to enhance corporate value for both parties. Oasis has consistently advocated for enhancing DG’s corporate value through growth of the payment business by strengthening sales and operational capabilities to capture the once-in-a-generation opportunity presented by the shift toward a cashless society. We hope this transaction will accelerate the growth of DG’s core payment business and ultimately benefit all stakeholders of DG, including customers, employees, and shareholders.

Oasis’s engagement activities in Japan are characterized by a focus on enhancing long-term corporate value through dialogue with the management teams of investee companies, rather than pursuing short-term profits. Oasis has adopted the Japan FSA’s “Principles of Responsible Institutional Investors” (a/k/a the Japan Stewardship Code) and, in line with those principles, Oasis will continue to pursue investments, monitor and engage with its investee companies with the goal of benefiting all stakeholders involved.

About Oasis

Oasis Management Company Ltd. manages private investment funds focused on opportunities in a wide array of asset classes across countries and sectors. Oasis was founded in 2002 by Seth Fischer, who leads the firm as its Chief Investment Officer. More information about Oasis is available at https://oasiscm.com. Oasis has adopted the Japan FSA’s “Principles for Responsible Institutional Investors” (as amended from time to time) (a/k/a Japan Stewardship Code) and in line with those principles, Oasis monitors and engages with our investee companies.

Disclaimer

This press release is not intended to solicit or seek shareholders’ agreements to jointly exercise voting rights with Oasis. Shareholders that have an agreement to jointly exercise their voting rights are regarded as Joint Holders under the Japanese large shareholding disclosure rules and they must file notification of their aggregate share ownership with the relevant Japanese authority for public disclosure under the Financial Instruments and Exchange Act. Oasis does not intend to be subjected to such notification requirements. The press release exclusively represents the opinions, interpretations, and estimates of Oasis.

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