Vestand Inc. (VSTD): M&A transaction — Yoshiharu closes $3.6M acquisition of three Las Vegas restaurants; expects $6M annual revenue

Vestand Inc.

Acquired Jjanga, HJH, and Ramen Aku for $1.8M cash, $0.6M promissory note, $1.2M convertible note (convertible to YOSH shares).
Seller Jiyuck Hwang to serve as Managing Director under 3-year employment agreement with $180K base salary plus performance bonus.
Acquired restaurants generated $5.73M revenue in 2023 (net income $298.6K); combined net assets negative $519.6K at year-end.
Yoshiharu expects $6M annual revenue from acquired units, breakeven in H2 2024, and profitability in 2025.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.95

Vestand Inc. completed an acquisition involving Mr. Jiyuck Hwang for $1,800,000 in cash, a promissory note in the principal amount of $600,000 and a convertible note having a principal amount of $1,200,000 (closed 2024-06-12).

Action: acquisition
Counterparty: Mr. Jiyuck Hwang
Consideration: $1,800,000 in cash, a promissory note in the principal amount of $600,000 and a convertible note having a principal amount of $1,200,000
Closing: 2024-06-12

Exact text from the filing

or substantially all of the assets of the following three restaurant entities owned by the Seller: Jjanga, HJH and Aku (the “Acquisition”). The Company agreed to pay the Seller $1,800,000 in cash, a promissory note in the principal amount of $600,000 (the “Promissory Note”) and a convertible note having a principal amount of $1,200,000 which shall be convertible

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Vestand Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-026396

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