Kozosushi Co., LTD. announced that it expects to receive ¥0.6264 million in funding from Evolution Capital Management, LLC
April 21, 2020
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Kozosushi Co., LTD. (JASDAQ:9973) announced that it has entered into purchase agreement with investor for private placement of 5,800,000 7th stock acquisition rights at an issue price of ¥0.056 per stock acquisition right for gross proceeds ¥324,800 and 5,800,000 8th stock acquisition rights at an issue price of ¥0.052 for gross proceeds of ¥301,600 for aggregate gross proceeds of ¥626,400 on April 22, 2020. The transaction will include participation from returning investor Evo Fund, a fund managed by 'returning investor' Evolution Capital Management, LLC. Each stock acquisition right is exercisable into common share at a price and will receive proceeds of ¥101,324,800 on post exercise of 7th stock acquisition rights and ¥101,301,600 on exercise of 8th stock acquisition rights. The stock acquisition rights are issued through a third party allotment method. The exercise period of stock acquisition rights is from May 15, 2020 to May 14, 2021. The transaction has been approved by the board of directors of the company. The transaction is expected to close on May 14, 2020. The company will pay issue expenses of ¥4,500,000 for attorney fees, ¥2,000,000 for stock acquisition right evaluation costs, and ¥300,000 for investigating the allotted parties post exercise of warrants.
Kozosushi Co.,LTD. is a Japan-based company mainly engaged in the manufacture and sale of sushi and bento boxes, and supply and provision of raw materials to members as a franchise for Kosushi. The Company operates in three segments. The Takeout Sushi and others segment operates shops under the brand names Kozosushi and Chagetsu. It has directly-managed stores under name Curry House Spicy, Chunyodo and San Marco. Sushi Franchise (FC) business is providing brandâs using right and instruction for product manufacture and sale to get paid. The nursing and welfare business segment has facilities for the elderly with services Laport. The Delivery business segment includes combined home delivery business that provides home delivery sales of in-house prepared foods and home delivery services for nearby restaurants and home delivery FC business.