Altplus Inc. announced a private placement of 40 units of second series of unsecured convertible bonds with warrants at ¥10,000,000 per unit for gross proceeds of ¥400,000,000 on November 10. The bonds carry a face value of ¥100 for every ¥100 value of the bonds. The bonds are convertible at a price of ¥252.9. The company will also issue 20,562 units of 7th Stock Acquisition Rights at a price of ¥130 per stock acquisition right for gross proceeds of ¥2,673,060 and 16,860 units 8th Stock Acquisition Rights at a price of ¥71 per stock acquisition right for gross proceeds of ¥1,197,060.

The transaction will include participation from Evo Fund, a fund managed by Evolution Capital Management, LLC. The bonds issued as part of the transaction do not carry any interest. The warrants are exercisable into common shares of the company.

The payment date for the transaction is expected on November 28, 2022. The transaction is by way of third party allotment of securities. The transaction was approved by the board of directors of the company via a corporate resolution.