COVER Corp Prepares to Move to Tokyo Stock Exchange Prime Market

VTuber company proposes change in management structure before their annual meeting this June

In its disclosures to Tokyo Stock Exchange, hololive production parent company COVER Corporation is preparing to move to the exchange's Prime Market.

Should the exchange approve COVER's application, their listed shares will be traded alongside large companies in one of its three stock markets.

COVER filed the application to change its listing "in order for the Company to achieve medium- to long-term growth and further improve its corporate value going forward."

In a board meeting held May 17, COVER's board of directors resolved to transition the company to one that has an audit and supervisory committee "in order to enhance and strengthen its corporate governance system," subject to approval at the Company's 8th Annual General Meeting of Shareholders scheduled on June 27.

A resolution was adopted on the same day for the candidates for Directors to be submitted to the said annual meeting, to turn the company's corporate auditors into members of the Audit and Supervisory Committee.

COVER's financial results for the 3rd quarter of the current fiscal year show it has earned more from merchandising and licensing / collaborations (56%, approximately 16.9 billion yen) than from streaming and concerts (43.9% approximately 13.2 billion yen).

Source: COVER Corporation IR 1, 2, 3 (PDF)