Ramen noodle chain Yoshiharu updates terms for proposed $17M IPO
May 31, 2022 2:40 PM ET
YOSH
Ramen noodle restaurant chain Yoshiharu Global (
YOSH) has updated terms for its proposed $17M initial public offering.
The California-based Japanese food restaurant group said it
now plans to offer 3.8M Class A common shares priced between $4 and $5 apiece, which would raise approximately $17M if priced at the midpoint.
Underwriters would be given a 45-day option to buy up to 563K additional shares at the IPO price
. EF Hutton is serving as lead bookrunner.
Yoshiharu said that after the transaction, approximately 74.4% of the voting power for its common stock would be controlled by its chief executive officer, James Chae. As a result, Chae would be able to determine all matters requiring shareholder approval.
The company currently operates seven restaurants in California, with about ten more under construction or slated to open in 2022. The chain is also plans to rollout a franchising program. For 2021, Yoshiharu reported a net loss of $1.6M on revenue of $6.5M.
The IPO terms are slightly downsized from an earlier filing, which proposed 4M units priced between $4 and $5,
raising around $18M if priced at the midpoint.
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