TOP CULTURE Co.,Ltd. announced a private placement of 21,000 shares at a price of ¥100,000 per share for gross proceeds of ¥2,100,000,000 on July 15, 2021. The company will issue 15,000 shares of Class A preferred stock and 6,000 shares of Class B preferred stock. The company has made the placement through third-party allotment. The transaction will include participation from DaI Co., Ltd for 12,000 shares, Development Bank of Japan Inc. for 3,000 shares and returning investor Culture Convenience Club Co., Ltd. for 6,000 shares. On the same day, the company held the meeting of board of directors. The transaction is expected to close on August 31, 2021 or on a date separately determined at the general meeting of shareholders. The company will held extraordinary general meeting of shareholders on August 27, 2021. The company has incurred the operating expenses of approximately ¥71,000,000.