Pixela Corporation (TSE:6731) announced a private placement of 29,791,000 10th stock acquisition rights at a price of ¥0.13 per share for gross proceeds of ¥3,872,830 on March 6, 2020. The transaction will include participation from new investor Evo Fund, a fund managed by Evolution Capital Management, LLC. The company will raise the funding through third party allotment. Each stock acquisition right entitles the holder to acquire one common share of the company from March 31, 2020 to May 31, 2021 at a minimum exercise price equal to 50% of the closing price of common shares of the company on the exchange on the trading day immediately preceding the condition determination date, rounded up to the nearest ¥0.1. The maximum number of shares to be issued upon exercise is 29,791,000 shares. The company will raise minimum proceeds of ¥391,155,830 upon exercise of the rights. The total proceeds to be raised through the issuance of the stock acquisition rights and the exercise of the rights by the investor is expected to be ¥718,856,830. The transaction has been approved by the board of directors of the company, and is expected to close on March 30, 2020.