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Vestand Inc., formerly Yoshiharu Global Co. (YOSH), reports developments tied to its transition from a Japanese ramen and rolls restaurant operator into an asset-backed platform with real estate and digital-asset initiatives. Company news has covered the completed corporate name and ticker change to VSTD, financing for real estate expansion, and strategic updates involving real estate development and a crypto treasury strategy.
Other recurring announcements include executive and board appointments, internal-control initiatives, Nasdaq listing compliance, capital-structure actions such as a forward stock split, and updates on the legacy restaurant business and its financial results.
Yoshiharu Global Co. (NASDAQ: YOSH) has announced plans to enter the Korean BBQ (KBBQ) market, expanding beyond its current focus on Japanese ramen and rolls. This strategic move aims to capitalize on the growing popularity of Korean cuisine, particularly in Southern California. The company sees synergies between its existing business and KBBQ, including shared resources, ingredients, and cross-promotion opportunities.
Yoshiharu plans to leverage its established industry experience and supply chain network to support this expansion. The company's CEO, James Chae, expressed excitement about the venture, citing active discussions with KBBQ investors and store owners that revealed significant market potential. This expansion is expected to broaden Yoshiharu's audience and strengthen its brand presence in the restaurant industry.
Yoshiharu Global Co. (NASDAQ: YOSH) reported its Q2 2024 financial results, showing significant growth and operational improvements. Key highlights include:
- Revenue increased 50.5% to $3.3 million in Q2 and 30.9% to $6.1 million for H1 2024
- Acquired three profitable Las Vegas restaurants, boosting annual revenues by $6 million
- Operating loss improved to $0.9 million in Q2 and $1.7 million in H1
- Restaurant-level contribution increased to $668,000 for H1 2024
- Cash balance of $1.2 million as of June 30, 2024
The company is focused on cost management, implementing kiosks and cooking robots to reduce labor costs, and plans to open another California restaurant soon.
Yoshiharu Global Co. (NASDAQ: YOSH), a California-based restaurant operator specializing in Japanese ramen, announced it received a notification from the Nasdaq Listing Qualifications Staff on June 21, 2024. The notice states that Yoshiharu has not filed its Form 10-Q for the quarter ending March 31, 2024, thus failing to comply with Nasdaq's Listing Rule 5250(c)(1). The company has 60 days to submit a compliance plan. If accepted, Yoshiharu may get an extension up to December 16, 2024. In case the plan is rejected, Yoshiharu can appeal before a Hearings Panel. CEO James Chae highlighted the delay was due to an auditor transition and assured ongoing efforts to file the report and maintain the Nasdaq listing.
Yoshiharu Global Co. (NASDAQ:YOSH), a California-based restaurant operator specializing in Japanese ramen, has completed its acquisition of three Las Vegas restaurants for $3.6 million. The purchase involved a mix of cash, promissory notes, and convertible notes, giving the seller an option to convert debt into YOSH common shares. The seller will continue as managing director of the acquired restaurants. Yoshiharu expects these restaurants to generate $6 million in annual revenue in 2024 and aims to break even in the latter half of 2024, with profitability projected for 2025.
Yoshiharu Global Co. (NASDAQ:YOSH) announced an extension for its quarterly filing due to issues with its former auditor, BF Borgers CPA PC. The company has filed a Form NT 10-Q for the extension and is in the process of hiring a new PCAOB-compliant audit firm. Yoshiharu aims to secure the new auditor by the end of this week and plans to re-audit its 2023 and 2022 financial statements. This re-audit is anticipated to be completed by June 2024.
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