On January 5, 2024, Craft Corporation started its activist campaign against GFA Co., Ltd., by submitting a request to convene an Extraordinary General Meeting of Shareholders for the following proposal, (i) Reverse stock split: Reverse stock split of 10 shares into 1 share. Craft Corp. states that repeated stock splits and unplanned capital increases have resulted in a decline in the share price value instead of contributing to improvement of corporate value and that a reverse stock split will steady the increase in share price and improve the corporate value of the company.