Kozosushi Co., LTD. announced that it expects to receive ¥5.2 million in funding from Evolution Capital Management, LLC
August 27, 2019
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Kozosushi Co., LTD. (JASDAQ:9973) announced that it has entered into purchase agreement with investor for private placement of 520,000 6th stock acquisition rights at an issue price of ¥10 per stock acquisition right for gross proceeds ¥5,200,000 on August 27, 2019. The transaction will include participation from returning investor Evo Fund, a fund managed by 'returning investor' Evolution Capital Management, LLC. Each stock acquisition right is exercisable into 100 common shares at a price of ¥11 each and will receive proceeds of ¥577,200,000 on post exercise. The stock acquisition rights are issued through a third party allotment method. The exercise period for stock acquisition rights is from September 30, 2019 to September 25, 2020. The transaction has been approved by the board of directors and subject to shareholder's approval in extraordinary general meeting of the company will held on September 26, 2019. The transaction is expected to close on September 27, 2019. The company will pay issue expenses of ¥5,000,000.
KOZO Holdings Co Ltd, formerly Kozosushi Co Ltd, is a Japan-based company mainly engaged in the retail business, food and beverage business and distribution business. The Company operates in three business segments. The Retail Business segment is divided into retail business and franchise (FC) business. The retail business sells takeaway sushi. The FC business enters into contracts with franchisees based on a franchise system, provides name recognition and credibility through the use of trademarks, and provides guidance on store construction, product manufacturing, product sales and receives royalty income. The Food and Beverage Business segment operates eat-in style restaurants and FC business. The Distribution Business segment is divided into delivery business and food wholesale business. The delivery business sells home delivery of in-house cooked products. The food wholesale business is engaged in wholesale of commercial food ingredients.