Nippon Sheet Glass Company, Limited told the Tokyo Stock Exchange on August 21 that every regulatory condition attached to its recapitalization by Apollo Global Management-advised funds has now been met, and it fixed a firm date to leave the exchange.
The company will issue 366,666,666 new common shares through a third-party allotment worth ¥165.0bn to Lumina Japan Acquisition, a special-purpose vehicle owned by funds that Apollo affiliates advise. Payment is due August 31, 2026, now that domestic and international antitrust reviews, inbound foreign-investment screening, and clearance under the European Union's Foreign Subsidies Regulation have been completed.
That single payment date triggers the rest of the exit sequence. Nippon Sheet Glass shares will be designated a security to be delisted the same day, trade for the last time on September 25, and come off the Tokyo Stock Exchange on September 28.
| Step | Date |
|---|---|
| Third-party allotment payment / new shares issued | 31 August 2026 |
| Designated a security to be delisted | 31 August 2026 |
| Final day of TSE trading | 25 September 2026 |
| TSE delisting effective | 28 September 2026 |
| Share consolidation effective (squeeze-out) | 30 September 2026 |
| Pseudo debt-equity swap effective | 30 September 2026 |
Two days after delisting, on September 30, two capital moves complete the buyout. A share consolidation combines 122,222,222 existing common shares into one, a ratio steep enough to leave Lumina Japan Acquisition as the company's only shareholder once it takes effect. The same day, Nippon Sheet Glass will carry out what its filings call a pseudo debt-equity swap, part of the wider recapitalization the board approved on March 24, 2026.
The clearance closes out nearly five months of regulatory review since that March board resolution. Nippon Sheet Glass filed and repeatedly amended its securities registration statement with the Kanto Local Finance Bureau over that period, most recently on August 21, to confirm the completed clearances and the firm payment date. The filings reviewed here describe the schedule itself, not confirmation that the payment, the share consolidation, or the delisting has actually taken place.