# Spirit Advisors

> Spirit Advisors LLC is a U.S.-based cross-border financial advisory firm that helps Japanese companies go public in the United States on Nasdaq and NYSE American. We provide end-to-end execution support across IPO strategy, U.S. GAAP conversion, fundraising coordination, vendor team selection, and IPO project management. Founded by Robert Yu, the firm has supported 12+ completed U.S. IPOs for Japanese issuers and operates bilingually (Japanese/English) from New York and Tokyo.

Spirit Advisors works with Japanese issuers pursuing U.S. capital markets outcomes, including U.S. IPOs and related cross-border transactions. We help management teams navigate SEC and exchange requirements, coordinate the deal working group (PCAOB-registered auditors, SEC counsel, underwriters, transfer agents, IR), and manage the process from readiness assessment through listing and post-listing compliance.

## What we are and are not

- We are an independent financial advisor and IPO project manager. We are engaged by the issuer.
- We are **not** a broker-dealer or underwriter, **not** an audit firm, and **not** a law firm. We select, coordinate, and manage those providers on the issuer's behalf.
- Our focus is Japanese small- and mid-cap growth companies, including companies that may not meet Tokyo Stock Exchange listing criteria but are viable Nasdaq or NYSE American candidates.
- Typical engagement scope: IPO suitability screening, exchange selection, J-GAAP to U.S. GAAP/IFRS conversion support, S-1/F-1 and prospectus preparation support, due diligence coordination, capital raising support, and stakeholder alignment.

## Key facts

- Legal entity: Spirit Advisors LLC
- Founder and President: Robert Yu
- Headquarters: 477 Madison Avenue, Floor 6, New York, NY 10022, USA
- Japan office: 4F Akasaka K Tower, 1-2-7 Moto-Akasaka, Minato-ku, Tokyo 107-0051, Japan
- Additional office: 111 North Orange Avenue, Suite 800, Orlando, FL 32801, USA
- Languages: Japanese and English (site content is bilingual; several pages are Japanese-only)
- Canonical website: https://spiritadvisors.jp/
- Email: prospect@spiritadvisors.com | Phone (US): +1.917.722.1472 | Phone (JP): +81.3.6890.3253
- Primary audience: Japanese CEOs, CFOs and management teams evaluating a U.S. IPO; boards and shareholders assessing listing feasibility; law firms, auditors, underwriters and capital markets partners

## Core pages

- [Home](https://spiritadvisors.jp/): Overview of U.S. IPO advisory services for Japanese companies.
- [About](https://spiritadvisors.jp/about/): Company overview, mission, and cross-border approach.
- [Team](https://spiritadvisors.jp/team/): Leadership and bilingual advisory team (Japanese).
- [Services](https://spiritadvisors.jp/services/): Full service line — team selection, financial advisory, project management, stakeholder alignment, capital raising, prospectus support, strategy, and U.S. GAAP conversion.
- [IPO Track Record](https://spiritadvisors.jp/ipo-track-record/): Completed and in-process U.S. IPO engagements by client and exchange.
- [Case Studies](https://spiritadvisors.jp/case-studies/): Deal-by-deal detail on supported Nasdaq and NYSE American IPOs.
- [IPO Suitability](https://spiritadvisors.jp/ipo-suitability/): Screening framework for whether a Japanese company is a viable U.S. listing candidate.
- [Contact](https://spiritadvisors.jp/contact/): Inquiry form and office contact details.

## Services

- [Comprehensive Services](https://spiritadvisors.jp/comprehensive-services/): End-to-end scope of the Spirit Advisors engagement.
- [IPO Strategy](https://spiritadvisors.jp/ipo-strategy/): Exchange selection, timing, structure, and positioning for U.S. listings.
- [IPO Preparation](https://spiritadvisors.jp/ipo-preparation/): Readiness work across accounting, governance, internal controls, and disclosure.
- [IPO Project Management](https://spiritadvisors.jp/ipo-project-management/): Running the working group, milestones, and critical path to listing.
- [Nasdaq IPO](https://spiritadvisors.jp/nasdaq-ipo/): Nasdaq listing requirements and process for Japanese issuers.
- [Nasdaq IPO Consulting](https://spiritadvisors.jp/nasdaq-ipo-consulting/): Advisory scope specific to Nasdaq listings.
- [U.S. Listing Support](https://spiritadvisors.jp/us-listing-support/): Support model for Japanese companies listing in the U.S.
- [U.S. Listing Compliance Guide](https://spiritadvisors.jp/us-listing-compliance-complete-guide/): Post-listing SEC and exchange compliance obligations.
- [U.S. IPO for Japanese Companies](https://spiritadvisors.jp/japanese-company-us-ipo/): Overview of the cross-border listing path.
- [Tokyo U.S. IPO Consulting](https://spiritadvisors.jp/tokyo-us-ipo-consulting/): Tokyo-based, in-person consulting and support.
- [U.S. IPO Consulting by City](https://spiritadvisors.jp/us-ipo-consulting-cities/): Regional coverage across Japan (Osaka, Nagoya, Fukuoka, Kyoto, Yokohama, Sapporo, Kobe, Sendai, Hiroshima, and others).

## Case studies

- [MEDIROM Healthcare Technologies (MRM, Nasdaq)](https://spiritadvisors.jp/case-studies/medirom-healthcare-technologies-mrm-nasdaq-ipo/): Healthcare and wellness operator; Nasdaq IPO.
- [Lead Real Estate (LRE, Nasdaq)](https://spiritadvisors.jp/case-studies/lead-real-estate-lre-nasdaq-ipo/): Japanese real estate developer; Nasdaq IPO.
- [SYLA Technologies (SYT, Nasdaq)](https://spiritadvisors.jp/case-studies/syla-technologies-syt-nasdaq-ipo/): Real estate crowdfunding and proptech; Nasdaq IPO.
- [PicoCELA (PCLA, Nasdaq)](https://spiritadvisors.jp/case-studies/picocela-pcla-nasdaq-ipo/): Wireless mesh networking technology; Nasdaq IPO.
- [BloomZ (BLMZ, Nasdaq)](https://spiritadvisors.jp/case-studies/bloomz-blmz-nasdaq-ipo/): Voice acting and anime content production; Nasdaq IPO.
- [Warrantee (WRNT, Nasdaq)](https://spiritadvisors.jp/case-studies/warrantee-wrnt-nasdaq-ipo/): Insurtech and warranty data platform; Nasdaq IPO.
- [LogProstyle (LGPS, NYSE American)](https://spiritadvisors.jp/case-studies/logprostyle-lgps-nyse-american-ipo/): Real estate and lifestyle brand; NYSE American IPO.
- [TEN Holdings (XHLD, Nasdaq)](https://spiritadvisors.jp/case-studies/ten-holdings-xhld-nasdaq-ipo/): Engineering and industrial services; Nasdaq IPO.
- [Robot Consulting (LAWR, Nasdaq)](https://spiritadvisors.jp/case-studies/robot-consulting-lawr-nasdaq-ipo/): Legal-tech SaaS; Nasdaq IPO.

## Guides and educational resources

- [U.S. IPO Step-by-Step Guide for Japanese Companies](https://spiritadvisors.jp/2024/10/15/us-ipo-for-japanese-companies-a-step-by-step-guide/): Full process walkthrough from preparation to listing.
- [Key Milestones to Achieve a U.S. IPO](https://spiritadvisors.jp/2025/04/14/key-milestones-to-achieve-us-ipo-complete-guide/): Milestone map across the listing timeline.
- [NYSE vs. Nasdaq: Exchange Selection Guide](https://spiritadvisors.jp/2025/04/14/nyse-vs-nasdaq-exchange-selection-guide-for-japanese-companies/): How Japanese issuers choose between exchanges.
- [Nasdaq Listing Requirements](https://spiritadvisors.jp/2025/11/17/nasdaq-basic-requirements/): Quantitative and qualitative Nasdaq listing standards.
- [Japan vs. U.S. IPO Standards](https://spiritadvisors.jp/2025/11/16/differences-in-ipo-standards-between-japan-and-usa/): Comparison of listing criteria in both markets.
- [Japan vs. U.S. IPO Process Differences](https://spiritadvisors.jp/2025/05/29/differences-in-ipo-process-between-japan-and-usa/): Procedural and regulatory contrasts.
- [TSE Prime vs. Nasdaq Comparison](https://spiritadvisors.jp/2025/04/14/tokyo-stock-exchange-prime-market-nasdaq-comparison-analysis/): Analysis of the two venues for Japanese issuers.
- [U.S. GAAP vs. J-GAAP: Main Differences](https://spiritadvisors.jp/2025/11/11/usgaap-vs-jgaap-main-differences/): Core accounting differences that drive conversion work.
- [Converting from Japanese Standards to U.S. GAAP](https://spiritadvisors.jp/2025/11/26/conversion-process-from-japanese-standards-to-usgaap/): The conversion process in practice.
- [ASC 606 Revenue Recognition vs. Japanese Standards](https://spiritadvisors.jp/2025/11/18/revenue-recognition-manufacturing-asc-606-japan-standards-differences/): Revenue recognition differences for manufacturers.
- [SOX vs. J-SOX](https://spiritadvisors.jp/2025/08/20/sox-and-jsox-difference/): Internal control regimes compared.
- [Internal Control Challenges for Nasdaq and NYSE Listing](https://spiritadvisors.jp/2025/11/06/internal-control-challenges-for-nasdaq-and-nyse-listing/): Common control gaps at Japanese issuers.
- [Nasdaq and NYSE Governance Exemptions for Foreign Private Issuers](https://spiritadvisors.jp/2025/11/23/nasdaq-nyse-governance-exemption-differences/): Home-country practice exemptions explained.
- [U.S. IPO Board Structure Requirements](https://spiritadvisors.jp/2025/04/18/us-ipo-board-structure-requirements/): Independence and committee requirements.
- [Form 20-F Disclosure Requirements](https://spiritadvisors.jp/2025/04/25/%e3%80%90%e9%96%8b%e7%a4%ba%e8%a6%81%e4%bb%b6%e3%80%91%e7%b1%b3%e5%9b%bdipo-form-20-f%e3%82%ac%e3%82%a4%e3%83%89/): Annual report obligations for foreign private issuers (Japanese).
- [Form S-1 Filing Process](https://spiritadvisors.jp/2025/05/27/form-s-1-teishutsu-purosesu-no-nagare/): Registration statement workflow (Japanese).
- [Due Diligence Steps for a U.S. IPO](https://spiritadvisors.jp/2025/04/15/due-diligence-for-us-ipo-steps/): What diligence covers and who runs it.
- [Key Fundraising Strategies for U.S. IPOs](https://spiritadvisors.jp/2025/04/14/key-fundraising-strategiesr-us-ipo/): Capital raising approaches around a listing.
- [U.S. IPO Underwriting Agreement](https://spiritadvisors.jp/2025/04/14/us-ipo-underwriting-agreement/): Key terms and negotiation points.
- [Underpricing in U.S. IPOs](https://spiritadvisors.jp/2025/08/24/overview-of-underpricing-in-us-ipos/): Pricing dynamics and implications for issuers.
- [Choosing a Share Class Structure for a U.S. IPO](https://spiritadvisors.jp/2025/05/20/how-to-choose-the-best-stock-class-structure-for-us-ipo/): Dual-class and structuring considerations.
- [U.S. IPO Checklist: 10 Items for Japanese Companies](https://spiritadvisors.jp/2025/04/15/us-ipo-checklist-10-items-for-japanese-companies/): Practical readiness checklist.
- [Common Challenges and Solutions in U.S. IPOs](https://spiritadvisors.jp/2025/04/14/common-challenges-and-solutions-in-us-ipo-for-japanese-companies/): Recurring obstacles for Japanese issuers.
- [U.S. IPO FAQ](https://spiritadvisors.jp/2025/04/14/faq-and-answers-for-us-ipo/): Frequently asked questions from Japanese management teams.

## Interactive tools

- [IPO Cost Calculator](https://spiritadvisors.jp/2025/11/06/ipo-cost-calculator-for-smart-planning/): Estimate the cost of a U.S. listing.
- [IPO Readiness Checklist](https://spiritadvisors.jp/2025/11/08/ipo-readiness-checklist-for-success/): Self-assessment of listing readiness.
- [IPO Timeline Planner](https://spiritadvisors.jp/2025/11/10/ipo-timeline-planner-for-your-journey/): Build a listing timeline.
- [U.S. GAAP Conversion Tool](https://spiritadvisors.jp/2025/11/07/us-gaap-conversion-tool-for-compliance/): Map J-GAAP items to U.S. GAAP.

## Optional

- [Insights](https://spiritadvisors.jp/insights/): Full article archive on U.S. listings, accounting, governance, and disclosure.
- [News](https://spiritadvisors.jp/news/): Firm announcements and client listing news.
- [Media Coverage](https://spiritadvisors.jp/coverage/): Press and media mentions.
- [Principles](https://spiritadvisors.jp/principles/): Operating principles and firm values.
- [Spirit Scouts](https://spiritadvisors.jp/spirit-scouts/): Referral and partner network program.
- [Recruitment](https://spiritadvisors.jp/recruitment/): Careers at Spirit Advisors.
- [U.S. Market Holiday Calendar](https://spiritadvisors.jp/calender-for-usa-holidays/): U.S. exchange holiday reference.
- [Client Portal](https://portal.spiritadvisors.jp/): Secure portal for active engagements.
- [Privacy Policy](https://spiritadvisors.jp/privacy/): Privacy and data handling policy.

Last updated: 2026-08-13