Stella Pharma Corporation (4888) said on Oct. 19 its board approved a fourth third-party allotment to CVI Investments, Inc., issuing 1 million new shares at ¥373 each plus 10,500 stock acquisition rights, which would raise a total of ¥971.4 million if the rights are fully exercised.
The placement is the fourth issuance under an equity program agreement the company signed on March 31, 2026 with CVI Investments, which is managed by U.S. institutional investor Heights Capital Management, Inc. The program covers a total of 4 million common shares and 42,000 stock acquisition rights (4.2 million potential shares), with the first three issuances carried out on April 16, June 22 and Aug. 31, 2026.
| Item | Figure |
|---|---|
| New shares | 1 million at ¥373 |
| 8th series rights | 10,500 units at ¥288 each |
| Potential shares | 1.05 million |
| Exercise price | ¥567 per share |
| Net proceeds | ¥965.1 million |
The share price was set at 92% of the Tokyo Stock Exchange closing price on the trading day before the board resolution. The exercise price equals 140% of the Oct. 16 close, and the rights' issue price matches a Monte Carlo valuation by third-party appraiser Akasaka International Accounting. Proceeds will fall if the exercise price is adjusted or the rights are not exercised.
Net proceeds will fund ¥420 million in research and development toward treatment of deep-seated cancers, linked to a BNCT project involving Fujita Health University and Sumitomo Heavy Industries, Ltd.; ¥496 million in manufacturing development for overseas expansion and a stable supply system, to be spent from April 2027 to March 2031; and ¥47 million in clinical trial costs for rare cancers, including support for an investigator-initiated Phase III trial in recurrent malignant glioma at Osaka Medical and Pharmaceutical University.
Next steps: The payment date for the shares and the allotment date for the rights is Nov. 4, 2026, and the rights are exercisable from Nov. 5, 2026 to Nov. 4, 2030. The issuance is conditional on the shelf registration taking effect and the filing of a supplementary shelf registration statement.
| 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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