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East Japan Railway Company (EJPR): A Defunct Ticker With No EDGAR Home

Published September 8, 202613 min read·TickerFile Research · East Japan Railway Co (OTC ADR) (EJPR)
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The ticker EJPR does not map to any company in the SEC company tickers file. The file contains 10,415 ticker to CIK entries, and a full scan for the string EJPR in either the ticker field or the company name field returns zero matches. EDGAR full text search, run across the entire filing database for the string in quotation marks, returns twelve documents, all of them portfolio or holdings reports from a single mutual fund, Stone Ridge Trust V, that mention the string in the context of a position held in the underlying Japanese issuer. No filing by any issuer uses EJPR as its own ticker symbol, and no issuer files under that name.

The string does map to a real, live security, but with a different suffix. East Japan Railway Company, the Tokyo headquartered railway operator listed on the Tokyo Stock Exchange under code 9020, trades unsponsored American depositary receipts in the United States under the symbols EJPRY and EJPRF, both on OTC Markets. The ADR program is sponsored by Citi under CUSIP 273202101, with a ratio of one ordinary share to two ADRs, and the program has been active continuously, with dividend notices running through the present quarter. The ADRs trade in the low teens, with a fifty two week range of roughly 10.08 to 13.59.

The plain reading is that the dispatch ticker is a truncation of the actual ADR symbols. There is no issuer named EJPR, no company called EJPR Inc, and no defunct or delisted entity on EDGAR that ever traded under that bare symbol. The correct instrument is the unsponsored ADR of East Japan Railway, and the correct research subject is the Japanese parent. Because the underlying company is a foreign private issuer that files on EDGAR only sporadically, the most recent substantive filings available in the EDGAR record are the two most recent annual reports, and this report uses them.