Gokurakuyu Holdings Co., Ltd announced that it has entered into a shareholder agreement for private placement of 8,060,000 of common shares at ¥235 per share for gross proceeds of ¥1,894,100,000 on May 26, 2023. The transaction included the participation from with new investors Mirai Sports Ventures LLC for ¥705, 000,000 for 3,000,000 shares and Okuda Shoten, K.K. for ¥101,050,000 for 430,000 shares, existing investors Golden Spring Hotel Investment Management Co., Ltd. for ¥592,200,000 for 2,520,000 shares, individual investors Hu Xiaoyan for ¥293,750,000 for 1,250,000 shares and Wu Jinping for ¥202,100,000 for 860,000 shares. The shares are issued through a third party allotment method.

The transaction is expected to close on July 31, 2023.