Kitanihon Spinning Co., Ltd. announced a private placement of 1,175,800 shares at a price of ¥170.1 per share for gross proceeds of ¥200,003,580 and 24,690 stock acquisition rights at a price of ¥115 per stock acquisition right for gross proceeds of ¥2,839,350 for aggregate gross proceeds of ¥202,842,930 on July 21, 2021. The transaction will include participation from Reiwa Capital LLP and ASIA PLASTIC VICTORY PTE. LTD. for 587,900 shares each and 7,407 stock acquisition rights and 17,283 stock acquisition rights, respectively.

Each stock acquisition right is exercisable into 100 common shares at an exercise price of ¥170.1 per share. The transaction is expected to close on August 11, 2021 for shares and August 13, 2021 for stock acquisition rights. The transaction was approved by the board of directors of the company.

The company will receive funding through third-party allocation.