Onkyo, an audio maker that may be delisted due to insolvency, announced on the 30th that it has received an investment of more than 2.1 billion yen from 12 companies including business partners.
The company expects further investment from overseas funds and wants to avoid delisting.
Onkyo, an audio maker headquartered in Osaka, suffered from poor profitability and suffered from poor management, and as of the end of December last year, it was insolvent by more than 3 billion yen.
According to the rules of the Tokyo Stock Exchange, listing may be delisted unless the insolvency is resolved by the end of this month.
Under these circumstances, Onkyo announced on the 30th that it has issued new shares to 12 companies including business partners and received an investment of 2,157 million yen.
He explained that he does not know if the insolvency was resolved at this point because he has not summarized the financial results.
Onkyo also grants funds based in the Cayman Islands of the Caribbean the right to receive new shares.
The company hopes that the overseas fund will exercise its rights by the 31st to receive further investment and will avoid delisting.