BS1 Fund converts Class B shares, triggering auto-conversion of all Class B to Class A and loss of majority control

Vestand Inc.

On June 23, 2026, BS1 Fund converted its 1,760,000 Class B shares into Class A common stock, cutting its voting power below 25%.
All outstanding Class B shares automatically converted to Class A; voting rights fell from 10 votes per share to 1 vote per share.
BS1 Fund no longer controls a majority of total voting power; no third party acquired control in the transaction.

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