On Thursday, according to a source with knowledge of the matter at hand, Japan Display Inc, an Apple Inc supplier, is in talks with Ichigo Asset Management, to receive funding for up to $830 million (90 billion yen).
In a statement, Japan Display stated, it was “in talks with Ichigo for investment” and plans to reach a basic agreement on the procurement of funds from the asset manager at a board meeting on Thursday.
In November 2019, Japan Display had reported its 11th consecutive quarterly loss. It is scrambling to raise at least 50 billion yen following the pullout of a Chinese investment firm from its bailout plan.
Apple intends to invest $200 million, sources with direct knowledge of the talks had said earlier.
According to the source who spoke on the condition of anonymity since the talks are private, Ichigo is likely to invest beyond that 50 billion yen target so that Japan Display can continue its research and development activities.
Last month, Japan Display came under regulatory scrutiny following reports that an executive, who was fired last year, had embezzled around $5 million.