I-O Data Device, Inc. announced that it expects to receive ¥799.94 million in funding from Hitachi Maxell, Ltd.
August 25, 2017
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I-O Data Device, Inc. (TSE:6916) announced a private placement of 740,000 common shares at an issue price of ¥1,081 per share for gross proceeds of ¥799,940,000 on August 25, 2017. The transaction will involve participation from Hitachi Maxell, Ltd. (TSE:6810) and post the closing of the transaction it will hold 4.99% stake in the company. The company incurred issue expenses of ¥1,500,000.
Post the closing of the transaction the shares will increase to 1,207,157 shares. The issue expenses will include attorney fees, expenses for the creation of documents such as securities registration statement, etc. The expected payment date of the transaction is September 11, 2017.
The transaction was approved by the board of directors.
Maxell Ltd, formerly Maxell Holdings Ltd, is mainly engaged in the manufacturing and sales of energy, industrial materials and electric appliances and consumer products. The Company mainly operates through three business segments. The Energy segment manufactures and sells secondary batteries, such as coin type lithium secondary batteries, industrial lithium ion batteries and electrodes, and consumer lithium ion batteries, primary batteries such as lithium primary batteries and button batteries, and charger and battery packs. The Industrial Materials segment manufactures and sells optical components, functional materials, electroforming and precision parts, semiconductor-related embedded systems, mold and synthetic resin molded parts, adhesive tapes, radio-frequency identification (RFID) systems and Integrated Circuit (IC) cards, industrial rubber products and others. The Electric Appliance and Consumer segment manufactures and sells projectors, small electric equipments and others.