Axel Mark Inc. (TSE:3624) announced a private placement of series 1 unsecured convertible bonds at an issue price of ¥25,021,700 with stock acquisition rights and series 22 stock acquisition rights on September 5, 2019. The transaction will involve participation from Whiz AIoT Evolution Fund L.P. The bonds do not bear any interest. Number of potential shares due to the issue of stock acquisition rights are 2,116,000 shares at an issue price of ¥473 for proceeds of ¥1,000,868,000. The series 22 stock acquisition rights are exercisable into 3,430,000 common shares at an initial exercise price of ¥473 and will receive proceeds of ¥1,622,390,000 post exercise. The transaction has been approved by the board of directors of the company.