Yoshiharu Global Co YOSH shares are trading higher by 53% to $7.35 Wednesday afternoon after the company effected a 1-for-10 reverse stock split for its Class A and Class B common stock. Trading began on a post-split basis Tuesday.
The company says this change aims to meet the Nasdaq's Minimum Bid Price Requirement and maintain its listing. Shareholders approved the split, reducing outstanding shares significantly.
Adjustments were apply to equity awards, warrants and other agreements tied to the stock. Fractional shares were also rounded up, with no change to the total authorized shares.
What Else?
Yoshiharu Global also announced on Monday it has acquired restaurant assets in Las Vegas for $3.6 million, set to close by 2023-end. The acquisition aims to blend their Japanese cuisine with the acquired restaurants' offerings, projecting an 80% revenue increase by opening four new establishments in early 2024.
With plans to operate 13 restaurants by year-end, Yoshiharu anticipates leveraging this expansion to establish a strong presence in Las Vegas and drive substantial financial growth.
James Chae, Yoshiharu's President and CEO, highlighted the strategic move, expecting these additions to boost their revenue during seasonal and holiday periods.
See Also: Yoshiharu Enters into an Asset Purchase Agreement to Acquire Three Las Vegas Restaurants
According to data from Benzinga Pro, YOSH has a 52-week high of $25.90 and a 52-week low of $2.96.
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