Yoshiharu Global Co (YOSH) shares have seen a significant surge in trading, with a 53% increase to $7.35 on Wednesday afternoon. This spike in share value comes after the company implemented a 1-for-10 reverse stock split for its Class A and Class B common stock. Trading on a post-split basis began on Tuesday.
The reverse stock split was initiated by Yoshiharu Global Co in an effort to meet the Nasdaq’s Minimum Bid Price Requirement and maintain its listing. Shareholders approved the split, resulting in a substantial reduction in outstanding shares.
The company also made adjustments to equity awards, warrants, and other agreements tied to the stock. Fractional shares were rounded up, with no change to the total authorized shares.
In addition to the reverse stock split, Yoshiharu Global Co announced its acquisition of restaurant assets in Las Vegas for $3.6 million. The acquisition is set to close by the end of 2023 and aims to integrate Japanese cuisine with the offerings of the acquired restaurants. The company projects an 80% increase in revenue by opening four new establishments in early 2024.
With plans to operate 13 restaurants by the end of the year, Yoshiharu Global Co expects this expansion to establish a strong presence in Las Vegas and drive substantial financial growth. James Chae, the company’s President and CEO, highlighted the strategic move, anticipating that these additions will boost revenue during seasonal and holiday periods.
Yoshiharu Global Co’s stock has shown a 52-week high of $25.90 and a 52-week low of $2.96, according to data from Benzinga Pro.
Overall, the reverse stock split and the acquisition of restaurant assets in Las Vegas represent significant moves by Yoshiharu Global Co to enhance its market position and drive future growth. Investors are optimistic about the company’s prospects, as reflected in the surge in share value.
