Vestand Inc. (VSTD): M&A transaction — Yoshiharu Global closes $3.6M acquisition of 3 Las Vegas restaurants; expects $6M annual revenue

Vestand Inc.

Aggregate purchase price $3.6M: $1.8M cash, $600K promissory note (corrected maturity dates), $1.2M convertible note.
Seller Jiyuck Hwang named Managing Director of acquired restaurants; $180k base salary plus performance bonus up to $100k RSUs.
Combined 2023 revenue of Jjanga, HJH, Ramen Aku was $5.73M with net income $299k; 2022 revenue $5.43M, net income $857k.
Promissory note repayment dates changed from Nov 30, 2024 and 2025 to April 12, 2025 and 2026 to correct errors.
Press release guidance: $6M annual revenue from acquired stores expected in 2024; anticipates 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 0.99

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 0001493152-24-033889

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