Pixela Corporation (TSE:6731) announced that it will issue 40 2nd unsecured convertible bond-type bonds with stock acquisition rights at a price of ¥15,000,000 for gross proceeds of ¥600,000,000 and 450,000 11th stock acquisition rights at a price of ¥3 for gross proceeds of ¥1,350,000 for aggregate gross proceeds of ¥601,350,000 on March 18, 2020. The transaction will include participation from returning investor, Evo Fund, a fund managed by Evolution Capital Management, LLC. The company is issuing securities through third party allotment. The bonds bear an interest of 0% and are redeemable on December 8, 2021. The 11th stock acquisition rights are convertible into 45,000,000 shares at a minimum exercise price of ¥15.5 and initial exercise price of ¥29 per share. The transaction is expected to close on December 7, 2020.