Sockets Inc. (TSE:3634) entered into a share exchange agreement to acquire an additional 25.76% stake in T.C. Factory Co., Ltd. for ¥14.7 million in stock on January 30, 2014. Sockets will acquire 1,690 shares of T.C. Factory. Sockets will issue 11.3 shares for each share in T.C. Factory. T.C. Factory reported net assets of ¥101.56 million, total assets of ¥147.53 million, sales of ¥125.05 million, operating loss of ¥0.45 million and net loss of ¥1.7 million for the year ended March 31, 2013. The Board of Directors of Sockets has resolved to undertake the transaction and it is subject to approval by the shareholders of Sockets at a meeting scheduled on February 28, 2014. The transaction is expected to close on April 1, 2014. As of April 1, 2014, it was announced that as consideration, Sockets Inc. will issue 0.016 shares to acquire 25.76% stake in T.C. Factory Co., Ltd.

Sockets Inc. (TSE:3634) cancelled the acquisition of an additional 25.76% stake in T.C. Factory Co., Ltd. on January 30, 2015.