Yoshiharu Global acquires three Las Vegas restaurant assets for $3.6M

Vestand Inc.

Purchase price of $3.6M: $1.8M cash, $600K promissory note (no interest, due Nov 2024/2025), $1.2M convertible note (0.5% interest, one-year maturity).
Assets acquired from Jjanga LLC, HJH LLC, and Ramen Aku LLC, operated by seller Jiyuck Hwang.
Convertible note conversion price set at 150% of average high/low stock price for five days after closing; seller may choose cash if stock price is lower.
Seller Jiyuck Hwang to serve as Managing Director of the new Las Vegas restaurants under a 3-year employment agreement with $180K base salary and up to $100K in RSUs.
Employment agreement has 60-day notice termination clause; no severance upon termination.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Vestand Inc. entered into Asset Agreement with Mr. Jiyuck Hwang valued at $3.6 million (effective 2023-11-21).

Action: entry
Agreement: asset purchase
Counterparty: Mr. Jiyuck Hwang
Value: $3.6 million
Effective: 2023-11-21

Exact text from the filing

On November 21, 2023, Yoshiharu Global Co. (the “Company”) entered into an asset purchase agreement (the “Asset Agreement”) with Mr. Jiyuck Hwang, a restaurant operator (“Seller”) to acquire certain Las Vegas restaurant assets held by Jjanga LLC, HJH LLC and Ramen Aku LLC for an aggregate $3.6 million.

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Vestand Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-042800

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