A.I. Squared, Inc. announced that it expects to receive ¥195 million in funding from MEDIA DO HOLDINGS Co., Ltd.
May 16, 2017
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AI Squared Co., Ltd. announced a private placement of 39,000 shares at ¥5,000 per share for gross proceeds of ¥195,000,000 on May 17, 2017. The transaction will include participation from new investor Media Do Co., Ltd. (TSE:3678) to acquire 20.1% stake in the company. The shares will be issued through third party method. The transaction has been approved by the board of directors of the investor. The investor will appoint one director to the company’s board. The company entered into a capital and business tie-up contract with the investor. The transaction is expected to close around May 31, 2017. The company reported total assets of ¥58,000,000, net assets of ¥55,000,000, net assets per share of ¥620, sales of ¥5,000,000, operating profit of ¥33,000,000, current profit of ¥34,000,000, net income of ¥34,000,000, and net income per share of ¥379 for the year ended June 30, 2016.
Media Do Co Ltd, formerly known as Media Do Holdings Co Ltd is a Japan-based company mainly engaged in the distribution of electronic books (e-books) mainly for smartphones, tablet terminals and other mobile terminals. The Company operates through two business segments. E-book Distribution segment entrusts e-book contents from publishers and other content owners, distributes them to client e-book stores, and sells them through its own e-book stores. It also engaged in the strategic planning, e-book management consultation, e-book site production and management support. The Others segment is engaged in media management, publishing and creative support services. The Company is also engaged in the operation of filer, which is a service that provides summary contents of books; the provision of electronic comic coloring, comic drawing support service; as well as the operation of the community media MyAnimeList.