PicoCELA to sell 2.531M shares at 55c to Nikken in private placement

PicoCELA (PCLA) entered into a share subscription agreement with Nikken Lease Kogyo, pursuant to which the company agreed to issue 2.531M common shares to Nikken at a purchase price of 55c per share, for an aggregate purchase price of $1.4M, on April 30. The objective of this private placement is to undertake a joint project aimed at developing new products. The shares were issued to Nikken on April 30. Under the agreement, the shares are restricted for 18 months from being transferred, converted into the company’s American Depository Shares representing the company’s common shares, or resold in the U.S. stock market where the company’s common shares and ADSs are registered.