Vestand Receives Delisting Notice

Vestand Inc., previously known as Yoshiharu Global, received a notification from Nasdaq on Nov. 25 that it no longer complies with the continued listing requirements since it has not yet filed its third-quarter report, the company said Tuesday in a regulatory filing. 

The Brea-based firm reported on Nov. 13 that it would not be able to file the financial report on time following Vestand’s recent determination on Oct. 31 that previous financial statements were unreliable, according to SEC filings.  

Vestand, a ramen chain that has pivoted operations to include real estate development and digital asset ventures, has 60 days to submit a plan for regaining compliance on Nasdaq (Nasdaq: VSTD). 

“The company intends to take the necessary steps to regain compliance with the Nasdaq Listing Rule as soon as practicable,” Vestand said in a statement.  

The company also recently disclosed allegations of contractual fraud in a Nov. 24 filing.  

Shares were trading around 54 cents apiece at the end of Tuesday’s trading session with a $7.9 million market cap.