J-Star Holding Co., Ltd. Loan Conversion to Class A Ordinary Shares

J-Star Holding Co., Ltd. announced that its board of directors and audit committee approved a transaction to convert an outstanding loan of US$8.2 million into Class A Ordinary Shares. The loan was provided by Chiang Yu-Ning, a family member of CEO Jing-Bin Chiang, to a subsidiary on December 13, 2025. The conversion will occur at a price of US$4.00 per share, which is higher than recent closing prices. The Company expects to issue 2,050,000 Class A Ordinary Shares. Following the conversion, Mr. Chiang will directly hold these shares along with his existing Class B Ordinary Shares, representing approximately 81.88% of the total voting power. This transaction was reviewed and disclosed as a related party transaction.