TOP CULTURE Co.,Ltd. announced a private placement to issue 3,526,400 shares at an issue price of ¥190 per share for the gross proceeds of ¥ 670,016,000 on August 17, 2023. The transaction will include participation from new investor Tohan Corporation. The transaction has been approved by the shareholders of the company and is expected to close on September 29, 2023.

The company has disclosed the issue expenses of ¥18,000,000. Post completion, the investor will hold 22.59% stake in the company.