Yoshiharu Global Co. (NASDAQ: YOSH) shares are experiencing a notable surge on the US stock charts today, marking an impressive 30.86% increase to $6.70 as of the last check in the current trading session. This upward trajectory in Yoshiharu’s stock value is closely tied to the inauguration of a new dining establishment unveiled yesterday.
Yoshiharu (YOSH) inaugurated its tenth culinary venture in Garden Grove, California on Monday. This particular location in Garden Grove boasts an eclectic array of gastronomic offerings designed to cater to the discerning tastes and preferences of patrons. The menu encompasses an assortment of delights, including sushi, bento boxes, rice bowls, and the distinctive Yoshiharu ramen.
Yoshiharu remains resolute in its dedication to expanding its footprint and influence within the Southern California region and beyond. As we approach the new year, the company envisages leveraging the festive momentum to fortify the success of its latest establishment, thereby propelling the growth trajectory of the Yoshiharu brand. The forthcoming year holds auspicious prospects for YOSH, and the company is poised to execute its ongoing growth strategy.
Furthermore, YOSH is steadily progressing towards finalizing its previously disclosed acquisition of three dining establishments in Las Vegas, positioning itself to conclude the year with a total of 13 operational restaurants. The California-based purveyor of authentic Japanese ramen has recently formalized an asset purchase agreement.
YOSH entered into this agreement with a restaurant operator for the acquisition of specific assets held by Jjanga LLC, HJH LLC, and Ramen Aku LLC, amounting to a total of $3.6 million. The combined annual revenues from these three restaurants for the year 2023 are anticipated to surpass $6.0 million. The company anticipates finalizing the transaction by the conclusion of 2023.
Financing for the asset purchase agreement is structured through a blend of cash, a promissory note, and a convertible note. The latter provides the seller with the option to convert the debt into Class A YOSH common shares. Post-closure, the seller is slated to assume the role of managing director for each restaurant, as stipulated in the employment agreement, ensuring the retention of invaluable expertise in ongoing management.