ELEMENTS, Inc. announced a private placement to issue 900,000 shares at an issue price of ¥585 per share for the gross proceed of ¥526,500,000, 30 Series 24 bonds at an issue price of ¥31,200,000 for the gross proceeds of ¥936,000,000 and 9,000 units Series 25 stock acquisition rights at an issue price of ¥921.5 per rights for the gross proceeds of ¥8,293,500; aggregate gross proceeds of ¥1,470,793,500 on August 17, 2023. The transaction will include participation from new investor CVI Investments, Inc. The transaction is expected to close on September 4, 2023. The redemption date of the bonds is September 9, 2026 and the note bears no interest.

The bonds are 100% convertible into 2,880,000 shares at fixed conversion price of ¥780.