ChoQi Co., Ltd. announced a private placement of common shares for the gross proceeds of ¥70 million on September 9, 2020. The transaction will participation from existing investor EM Systems Co., Ltd. (TSE:4820) for ¥40 million will hold 85% of the company and new investor JMDC Inc. (TSE:4483) for ¥30 million will hold 15% of the company through third party allotment. The company is wholly-owned subsidiary of EM Systems Co., Ltd. (TSE:4820).

The transaction has been approved by board of directors of the company. The transaction is expected to close on October 1, 2020.