CRI Middleware Co., Ltd. (TSE:3698) announced a private placement of 40 4th unsecured convertible bond type corporate bonds with stock acquisition rights at a price of ¥25,000,000 per bond for gross proceeds of ¥1,000,000,000 on December 24, 2020. The transaction will include participation from returning investor Whiz AIoT Evolution Fund L.P.; a fund managed by Whiz Partners Inc. Post the closing of the transaction, Whiz AIoT Evolution Fund L.P. will hold 7.38% stake in the company through Whiz Partners Inc. The bonds will be convertible at a fixed conversion price of ¥2,327 per share into 429,737 shares. The issuance expenses for the transaction are ¥10,000,000 and the company will receive net proceeds of ¥990,000,000. The company will issue the securities on third-party allocation basis. The company expects to close the transaction on January 12, 2021.