Yoshiharu Global Co. (NASDAQ:YOSH) (“Yoshiharu” or the “Company”), a California-based restaurant operator specializing in authentic Japanese ramen, today announced that it will conduct a reverse stock split of its outstanding shares of Class A common stock and Class B common stock at a ratio of 1-for-10. The reverse stock split will become effective at 11:59 p.m. Eastern Time, on November 27, 2023. The Company’s Class A common stock will begin trading on a post-split basis at the market open on November 28, 2023, under the Company’s existing trading symbol “YOSH.” The reverse stock split is part of the Company’s plan to regain compliance with the Minimum Bid Price Requirement of $1.00 per share required to maintain continued listing on The Nasdaq Capital Market, among other benefits.
The reverse stock split was approved by the Company’s stockholders at the Annual Meeting of Stockholders held on November 20, 2023, to be effected in the board of directors (the “Board”) of the Company’s discretion within approved parameters. The final ratio was approved by the Company’s Board on November 20, 2023.
The reverse stock split reduces the number of shares of the Company’s issued and outstanding Class A common stock from 11,940,000 shares to 1,194,000 shares and the number of shares of the Company’s issued and outstanding Class B common stock from 1,000,000 to 100,000 shares, in each case, subject to adjustment due to fractional shares. As a result of the reverse stock split, proportionate adjustments will be made to the number of shares of the Company’s common stock underlying the Company’s outstanding equity awards and warrants and the number of shares issuable under the Company’s equity incentive plans and other existing agreements, as well as the applicable exercise prices.
Where the reverse stock split results in a fractional share, the number of new common shares issued will be rounded up to the nearest whole share. No fractional shares will be issued. The reverse stock split will not reduce the authorized number of shares of the Company’s capital stock.
