TRaaS On Product Inc. announced that it will issue 40 1st unsecured convertible bond-type bonds with stock acquisition rights with an issue price of ¥3,750,000 per bond for total gross proceeds ¥150,000,000, 5,617 11th Stock Acquisition Rights with an issue price of ¥60 per stock acquisition right for total gross proceeds ¥337,020, and 3,378 12th Stock Acquisition Rights with an issue price of ¥60 per stock acquisition right for total gross proceeds ¥202,680; for aggregate gross proceeds amounts to ¥150,539,700 on May 2, 2022. Whiz AIoT Evolution Fund L.P.; a fund managed by Whiz Partners Inc. will subscribe to convertible bonds, Whiz AIoT Evolution Fund L.P. 5,555 will subscribe to 11th Stock Acquisition Rights and World F PTE. Ltd. will subscribe to 2,533 12th Stock Acquisition Rights and Takashi Aoyagi will subscribe to 845 12th Stock Acquisition Rights.

The bonds do not carry any interest. The redemption date of the bonds is December 29, 2027. The redemption price is ¥100 per ¥100 face value.

The exercise price of the 11th Stock Acquisition Rights is ¥267 and the exercise price of 12th Stock Acquisition Rights is ¥296. The transaction was approved by the board of directors of the company. The transaction is expected to close on May 23, 2022.