ReproCELL Inc. (4978) said its board on Oct. 5 approved the fourth issuance under its equity program with CVI Investments, Inc., selling 2,932,000 new shares at ¥119 each and 29,320 stock acquisition rights exercisable at ¥159 per share, for estimated net proceeds of ¥810.5 million if all rights are exercised.
CVI Investments is managed by U.S. institutional investor Heights Capital Management, Inc. The two sides signed the Equity Program Agreement on May 27, 2026, with earlier issuances carried out on June 11, July 16 and Sept. 3. The four issuances total 11,728,000 common shares and 117,280 rights covering another 11,728,000 shares.
The share price equals 90% of the closing price on the trading day before the board resolution, a discount of 15.00%, 13.14% and 17.36% to the one-, three- and six-month average closes of ¥140, ¥137 and ¥144 through Oct. 2. Each right is priced at ¥117, matching the valuation by third-party appraiser Akasaka International Accounting; the exercise price is 120% of the Oct. 2 close.
| Item | Figure |
|---|---|
| New shares | 2,932,000 at ¥119 (¥348.9 million) |
| Rights | 29,320 units at ¥117; exercise ¥159/share |
| Gross proceeds incl. exercise | ¥818.5 million |
| Net proceeds (est.) | ¥810.5 million |
The company plans to spend ¥810 million from this round on its GPC-1 CAR-T therapy for refractory solid tumors: ¥302 million for research and development, ¥115 million for non-clinical studies and ¥393 million for CMC and clinical-trial preparation. The therapy is under joint research with Kyoto University Graduate School of Medicine and the International University of Health and Welfare School of Medicine.
The new shares plus full exercise of the rights total 5,864,000 shares, or 6.16% dilution against 95,147,891 shares outstanding as of March 31, 2026. All four issuances combined total 23,456,000 shares, or 24.65% dilution.
Payment for the shares and allotment of the rights are set for Oct. 20, 2026, with an exercise period of Oct. 21, 2026, to Oct. 18, 2030. Funds are slated for use from October 2026 through June 2029. The issuance is conditional on the shelf registration taking effect and the filing of a supplementary document.
| Hikari Tsushin, Inc. | |
| Offer price | ¥1,000 per common share |
| M&A / TOB | 1 |
| Guidance | 0 |
| Buybacks | 0 |
| Dividends | 0 |
| Capital | 0 |
| Earnings | 0 |
| People | 0 |
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