Yoshiharu Global Co. (Nasdaq: YOSH) on Wednesday announced the closing of a $1 million private placement investment that will go towards the company’s plans to expand into Korean BBQ.
The ramen business recently made known its plans to establish a footprint in the KBBQ segment as another way to grow its restaurant pipeline, citing a “crossover appeal.”
The proceeds came from an accredited investor, according to Yoshiharu, and the company is expecting to add more investors soon.
“Yoshiharu will leverage our industry expertise and robust supply chain to capitalize on the synergies between the KBBQ concept and our current Japanese ramen offering as we look to expand the Yoshiharu brand as a leader in the restaurant industry,” Chairman and Chief Executive James Chae said in a statement.
Founded in 2016, Yoshiharu currently operates 14 locations in the U.S. with two more currently under construction.
Shares fell 6.7% to $6.26 apiece during midday trading with a market cap of $8.4 million.
The ramen chain is also facing a potential delisting. To read more on Yoshiharu, see this week’s print issue of the Business Journal.
