Tone Co., Ltd. (TSE:5967) announced a private placement of 178,800 shares at an issue price of ¥2,951 per share for gross proceeds of ¥527,638,800 on April 14, 2021. The company is raising funding through third party allotment method from new investor Central Automotive Products Ltd. (TSE:8117). The investor will hold 9.37% in the company.

The transaction is expected to close on May 10, 2021. The transaction has been approved by the board of directors of the company.