I-O Data Device, Inc. (TSE:6916) announced a private placement of 740,000 common shares at an issue price of ¥1,081 per share for gross proceeds of ¥799,940,000 on August 25, 2017. The transaction will involve participation from Hitachi Maxell, Ltd. (TSE:6810) and post the closing of the transaction it will hold 4.99% stake in the company. The company incurred issue expenses of ¥1,500,000.

Post the closing of the transaction the shares will increase to 1,207,157 shares. The issue expenses will include attorney fees, expenses for the creation of documents such as securities registration statement, etc. The expected payment date of the transaction is September 11, 2017.

The transaction was approved by the board of directors.