LTE-X, Inc. announced that it expects to receive ¥62.50 million in funding from WirelessGate, Inc., Mobile Internet Capital Inc.
November 21, 2016
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LTE-X, Inc. announced a private placement of 31,248,000 common shares at a price of ?¥2 per share for gross proceeds of ?¥62,496,000 on November 22, 2016. The transaction will include participation from existing investor, WirelessGate, Inc. for 15,936,480 shares for ?¥31,872,960 and new investor, MIC Innovation IV Limited Liability Fund, a fund managed by Mobile Internet Capital Inc. for 15,311,520 shares for ?¥30,623,040. WirelessGate, Inc. will continue to hold 51% stake in the company. MIC Innovation IV Limited Liability Fund will acquire all the existing shares of Mobile Internet Capital, Inc. and hold 49% stake in the company upon closing. WirelessGate, Inc. will acquire 49.418507% stake and MIC Innovation IV Limited Liability Fund will acquire 47.480526% stake in the company through this transaction. The company will issue shares by third party allotment. The transaction has been approved by the board of directors of WirelessGate, Inc. The capital will increase from ?¥1,000,000 to ?¥32,248,000 upon closing. The shares issued in this transaction will represent 96.899032% stake in the company. The settlement date is November 30, 2016.
WirelessGate Inc is a Japan-based Company mainly engaged in the wireless broadband services related business. The Company operates in three businesses. The wireless broadband business provides three services. Mobile Internet service provides Wireless Gate Wi-Fi + WiMAX2 + and Wireless Gate SIM. The public wireless LAN service provides a high-speed Internet connection service Wireless Gate Wi-Fi. The optional service provides services such as telephone remote service and smart answering machine. The wireless business domain business provides two services. The authentication platform service provides ID and password authentication platforms, which are the foundation platforms of the wireless broadband business. Other corporate service includes the provision of Internet of Things (IOT) services and Prepaid Sim Card (SIM) services utilizing LTE networks for corporations. The Company is also involved in the sale of IoT-related goods.
WIRELESSGATE, INC. 
