Altiostar Networks, Inc. announced that it has entered into series C1 preferred stock purchase agreement and will issue 141,580,245 series C1 preferred shares at a price of $0.81 per share for gross proceeds of $114,679,998.45 on February 8, 2019. The round of funding will include participating from new investor Rakuten, Inc.. The preferred shares will be entitled to receive a non-cumulative fixed dividend value of $0.0648 per share per annum.

The shares will be convertible into common shares at a fixed conversion price of $0.81 per share. The round will be raised at a post money valuation of $146,987,014. The transaction will be completed, subject to approval by the Committee on Foreign Investment in the United States.

As part of the transaction, Yoshihisa Yamada and Tareq Amin from Rakuten, Inc. will join the company's board of directors.