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AXEL MARK hits daily limit up on news of becoming Convano subsidiary
Axel Mark Inc. <3624> surged to its daily limit-up price on unfilled buy orders. The move followed an announcement after the market close on Friday, May 29, that the company will raise a total of 3.9 billion yen in funding from Convano Inc. <6574>, under which it will become a consolidated subsidiary of the latter. The financing package consists of 900 million yen through a third-party allotment of new shares and a committed term loan facility with a maximum limit of 3 billion yen. Backed by Convano's support, the company aims to meet listing maintenance criteria, improve its consolidated earnings, and achieve a market capitalization of 20 billion yen.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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