Tokyo Lifestyle Co., Ltd. (formerly known as Yoshitsu Co., Ltd, "Tokyo Lifestyle" or the "Company") (NASDAQ:TKLF), a retailer and wholesaler of Japanese beauty and health products, sundry products, luxury products, electronic products, as well as other products in Hong Kong, Japan, North America and the United Kingdom, today announced its plan to change the ratio of its American Depositary Shares ("ADSs") to its ordinary shares from one ADS representing one ordinary share to one ADS representing 10 ordinary shares (the "ADS Ratio Change"). The ADS Ratio Change will become effective on November 15, 2024 (the "Effective Date").

For the Company's ADS holders, the change in the ADS Ratio will have the same effect as a one-for-ten reverse ADS split and will not impact an ADS holder's proportional equity interest in the Company. The ADS Ratio Change is intended to further support the liquidity in the Company's ADSs and enable the Company to regain compliance with the Nasdaq minimum bid price requirement.

On the Effective Date, registered holders of the Company's ADSs held in certificated form will be required on a mandatory basis to surrender their certificated ADSs to The Bank of New York Mellon, the depositary bank (the "Depositary"), for cancellation and received one new ADS in exchange for every 10 existing ADSs surrendered. Holders of uncertificated ADSs in the Direct Registration System and The Depository Trust Company will have their ADSs automatically exchanged.

The exchange of every 10 then-held (existing) ADSs for one new ADS will occur automatically on the Effective Date, with the then-held ADSs being cancelled and new ADSs being issued by the Depositary. The Company's ADSs will continue to be traded on the Nasdaq Capital Market under the ticker symbol "TKLF."