Axel Mark Inc. (TSE:3624) announced a private placement of 25 2nd unsecured convertible bond-type bond at an issue price of ¥22,290,400 each for proceeds of ¥557,260,000 with stock acquisition rights and 23rd stock acquisition rights for proceeds of ¥5,034,000 for total gross proceeds of ¥562,294,000 on March 26, 2021. The transaction will involve participation from Whiz AIoT Evolution Fund L.P. and The Kenko Future Fund, funds managed by Whiz Partners Inc. The bonds do not bear any interest. The bonds are convertible into 3,665,200 shares at a conversion price of ¥298. The number of potential shares due to the issue of stock acquisition rights are 5,034,000 shares at an issue price of ¥100 for proceeds of ¥5,034,000. The series 23 stock acquisition rights are exercisable into 5,034,000 common shares at an initial exercise price of ¥298 and will receive proceeds of ¥1,500,132,000 post exercise. The transaction has been approved by the board of directors of the company. The transaction is expected to close on April 28, 2021. The transaction is subject to approval of the board of directors of the company.