Yoshiharu Global Co. (Nasdaq: YOSH) this week disclosed capital commitments with certain investors to help achieve the minimum stockholders’ equity of at least $2.5 million for continued listing on the Nasdaq.
The ramen chain originally received a letter from Nasdaq last August regarding its reported amount of stockholders’ equity being out of compliance with the minimum requirement and on Feb. 18 said it received another.
The company reported in a SEC filing on Monday private placements for an aggregate of 285,600 shares for a purchase price of $714,000 and on Tuesday, securities subscription agreements for an aggregate of 480,000 warrants for a purchase price of $1.2 million for commitments totaling $1.9 million.
An appeal hearing is scheduled for April 1.
“We would like to thank our financing partners and shareholders for their support through these capital commitments and optimism for our continued momentum with the opening of new U.S. locations, partnerships to expand our geographic footprint internationally, and expansion into additional cuisine segments,” Chairman and Chief Executive James Chae said in a statement.
Yoshiharu shares were down 2.3% to $16.52 during midday trading with a market cap of $24 million.
