Tokyo Stock Exchange will designate Tetsujin (code 2404, Standard market) shares as securities under supervision from September 1, 2026, after the company failed to confirm compliance with the exchange's free-float ratio standard by the end of its improvement period.
The most recent reference snapshot, taken August 31, 2025, put the free-float ratio at 24.7%, short of the 25% minimum TSE requires for a Standard market listing. Tetsujin cleared every other threshold tied to the same rule: 13,250 shareholders against a 400-holder floor, 34,174 free-float trading units against a 2,100-unit floor, and free-float market value of ¥1.84bn against a ¥1.00bn floor.
| Standard | Aug. 2025 figure | TSE requirement | Status |
|---|---|---|---|
| Shareholders | 13,250 | 400 | Compliant |
| Free-float trading units | 34,174 | 2,100 | Compliant |
| Free-float market value | ¥1.84bn | ¥1.00bn | Compliant |
| Free-float ratio | 24.7% | 25% | Non-compliant |
The company has reason to expect a better number soon. A major shareholder has reported transferring its Tetsujin stake, a move confirmed in an August 26, 2026 amendment to a large-shareholding report. Based on that filing and the shareholder register from February 28, 2026, Tetsujin estimates its free-float ratio will clear 25% as of the end of August 2026.
The company still has to prove it. Tetsujin will submit its share-distribution status table for the August 31, 2026 record date to Tokyo Stock Exchange in early September, and says it will disclose the review result as soon as it receives it. Clear the bar and the supervision designation lifts. Miss it and the stock moves to the securities-to-be-delisted list, with delisting set for March 1, 2027.