Pixela Corporation (TSE:6731) announced a private placement of 14,370,000 common shares on April 23, 2019. The transaction will involve participation from new investor Evo Fund, a fund managed by Evolution Capital Management, LLC that will acquire 20% stake in the transaction. The company will make first allocation from April 23, 2019 to May 9, 2019 for 600,000 shares for gross proceeds of ¥47,400,000 with estimated issuance cost of ¥1,000,000, second allocation from May 20, 2019 to June 5, 2019 for 1,000,000 shares for gross proceeds of ¥79,000,000 with estimated issuance cost of ¥1,000,000, third allocation from June 6, 2019 to June 24, 2019 for 1,000,000 shares for gross proceeds of ¥79,000,000 with estimated issuance cost of ¥1,000,000, fourth allocation from June 25, 2019 to July 11, 2019 for 1,000,000 shares for gross proceeds of ¥79,000,000 with estimated issuance cost of ¥1,000,000, fifth allocation from July 12, 2019 to July 29, 2019 for 1,000,000 shares for gross proceeds of ¥79,000,000 with estimated issuance cost of ¥1,000,000, sixth allocation from August 19, 2019 to September 4, 2019 of 1,000,000 shares for gross proceeds ¥79,000,000 with estimated issuance cost of ¥1,000,000, seventh allocation from September 5, 2019 to September 24, 2019 for 1,000,000 shares, eighth allocation from September 25, 2019 to October 15, 2019 for 1,000,000 shares, ninth allocation from October 16, 2019 to November 1, 2019 for 1,000,000 shares, 10th allocation from November 19, 2019 to December 5, 2019 for 1,000,000 shares, 11th allocation from December 6, 2019 to December 24, 2019 for 1,000,000 shares, 12th allocation from December 25, 2019 to January 10, 2020 for 1,000,000 shares, 13th allocation from January 14, 2020 to January 30, 2020 for 1,000,000 shares, 14th allocation from February 19, 2020 to March 6, 2020 for 1,000,000 shares, and 15th allocation from March 9, 2020 to March 25, 2020 for 770,000 shares. The company will issue shares through third-party allotment. The company will put half the amount in capital. The transaction has been approved by the board of directors of the company. The transaction is expected to close on April 23, 2020.