Revolving sushi bar restaurant operator Kura Sushi USA Inc. (Nasdaq: KRUS) said Tuesday it plans to raise funds through a public offering of its Class A stock.


Proceeds would be used to pay down the debt on its revolver with parent Japan-based Kura Sushi Inc., capital expenditures, general corporate purposes and working capital among other things, the company said in its announcement.


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The restaurant operator last week beat analyst expectations for its third quarter ended May 31 with net income of $800,000 on total sales of $18.5 million.


Kura Sushi USA has 32 locations in the U.S. Its parent Kura Sushi counts more than 480 restaurants.


Shares of the U.S. business fell 8.3% to $47.37 in after-hours trading following the offering announcement. The company had a recent market cap of $435.4 million.