Restaurant operator Yoshiharu Global Co. (Nasdaq: YOSH) started trading on the Nasdaq Capital Market on Friday. The firm is looking to raise US$11.76 million for its initial public offering.
The offering consists of 2.94 million Class A common shares, upsized from 2.45 million shares, selling at US$4 per share. The shares are trading on the Nasdaq big board under the symbol “YOSH”.
EF Hutton acts as the sole bookrunner for the offering. The underwriters were granted a 45-day over-allotment option to purchase up to an additional 441,000 shares at the same IPO price.
Net proceeds from the offering are expected to be used for expansion and development of new corporate-owned restaurant locations, expansion of distribution capabilities, development of the franchise program, and for general working capital and other corporate purposes.
The California-based firm operates restaurants focused on the modernized Japanese dining experience, specializing in Japanese ramen. The chain currently operates eight locations with one currently in development.
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