Voltage Incorporation (TSE:3639) announced a private placement of 128 8th stock acquisition rights at an issue price of ¥25,000 per warrant for gross proceeds of ¥3,200,000 on December 5, 2019. The company will issue the stock acquisition rights through third party allotment. The transaction will include participation from Milestone Capital Management Co., Ltd. The stock acquisition rights are exercisable into common shares at an exercise price of ¥479 and will receive proceeds of ¥613,120,000 post exercise. The warrants would provide voting rights of 4,678 shares for 9.1% stake in the company. The transaction has been approved by the board of directors and is expected to close on December 23, 2019.