{"url_path":"/sec/payp/10-k/2026/item-14","section_key":"item-14","section_title":"Item 14 Material Modifications to the Rights of Security Holders and Use of Proceeds","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-06-30","source_url":"https://www.sec.gov/Archives/edgar/data/2080845/0001193125-26-289382-index.html","accession_number":"0001193125-26-289382","cik":"0002080845","ticker":"PAYP","issuer_name":"PayPay Corp","edgar_url":"https://www.sec.gov/Archives/edgar/data/2080845/0001193125-26-289382-index.html","primary_entity_key":"0002080845","primary_entity_name":"PayPay Corp"},"word_count":373,"has_tables":true,"body_markdown":"Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds\n\nMaterial Modifications to the Rights of Security Holders\n\nThere were no material modifications to the rights of holders of our registered securities during the fiscal year\n\nUse of Proceeds\n\nThe following “Use of Proceeds” information relates to the registration statement on Form F-1, as amended, for our initial public offering (the “IPO”) (File Number 333-293410), which was declared effective by the SEC on March 11, 2026.\n\nOur IPO closed in March 2026, and the underwriters exercised their option to purchase additional ADSs from us at the initial public offering price in the same month. Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC and Morgan Stanley & Co. LLC (in alphabetical order) acted as the representatives of the underwriters for the IPO. A total of 63,235,295 ADSs were offered in the IPO, including 23,932,960 ADSs by the selling shareholder, SVF II Piranha (DE) LLC, an investment fund ultimately controlled by SoftBank Group Corp., at a price to the public of $16 per ADS. Our IPO included a public offering without listing in Japan of the ADSs (the “POWL”). Approximately 8,653,079 ADSs were allocated to the POWL. All of the ADSs offered in the POWL were offered by Mizuho Securities Co., Ltd. and PayPay Securities Corporation, acting as agent and sub-agent, respectively.\n\nPayPay raised approximately JPY94.6 billion ($603 million) in net proceeds from the IPO, after deducting underwriting commissions and the offering expenses payable by PayPay. None of the transaction expenses included payments to directors or officers of our company or their associates, persons owning more than 10% or more of our equity securities or our affiliates.\n\nFor the period from March 11, 2026, the date that the registration statement was declared effective by the SEC, to March 31, 2026, the net proceeds received from our IPO were used for general corporate purposes, including working capital, sales and marketing activities, product development, general and administrative expenses, and capital expenditures. None of the net proceeds we received from the IPO were paid, directly or indirectly, to any of our directors or officers or their associates, persons owning 10% or more of our equity securities or our affiliates."}