GFA Co., Ltd. announced a private placement to issue 21 1st unsecured convertible bonds with stock acquisition rights at an issue price of ¥50,000,000 for the gross proceeds of ¥1,050,000,000, 294,118 units of 12th Stock Acquisition Rights at an issue price of ¥93 per right for the gross proceeds of ¥27,352,974 and 97,826 13th Stock Acquisition Rights at an issue price of 73 per right for the gross proceeds of ¥7,141,298; aggregate gross proceeds of ¥1,084,494,272 on December 12, 2023. The transaction will include participation from new investors for bonds KING CHEUNG KNITWEAR COMPANY LIMITED for 10 bonds for ¥500,000,000, Seacastle Singapore Pte Ltd. for 4 bonds for ¥300,000,000, Noriyuki Yamauchi for 5 bonds for ¥250,000,000, Seacastle Singapore Pte Ltd. 294,118 12th rights Seacastle Singapore Pte Ltd. 97,826 of 13th rights. The Bonds do not bear interest and redemption on December 26, 2025.

The exercise period of 13th rights is December 29, 2023 to December 26, 2025 and 12th rights is December 29, 2023 to December 26, 2025. The transaction has been approved by the shareholders of the company and is expected to close on December 28, 2023.