Vestand Inc. (VSTD): M&A transaction — Yoshiharu closes acquisition of 3 Las Vegas restaurants for $3.6M

Vestand Inc.

Acquired three restaurant entities (Jjanga, HJH, Ramen Aku) from Jiyuck Hwang for $3.6M total.
Consideration: $1.8M cash, $600K promissory note (0% interest, two annual installments), $1.2M convertible note (0.5% interest).
Seller to serve as Managing Director under 3-year employment agreement with $180K base salary and performance-based RSUs.
Acquired restaurants expected to generate $6M in annual revenue; company targets break-even in H2 2024 and profitability in 2025.

item 1.01 item 2.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Vestand Inc. completed an acquisition involving Mr. Jiyuck Hwang for $3.6 million (closed 2024-06-12).

Action: acquisition
Counterparty: Mr. Jiyuck Hwang
Consideration: $3.6 million
Closing: 2024-06-12

Exact text from the filing

On June 12, 2024, the Company closed the Acquisition described in Item 1.01 above for an aggregate $3.6 million.

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Vestand Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-024072

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