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BUENA PARK, Calif. - Yoshiharu Global Co. (NASDAQ:YOSH), a Japanese ramen restaurant operator, announced Tuesday that its Board of Directors has approved changing the company’s name to Vestand, Inc. as part of a strategic shift toward real estate development and digital asset ventures. The announcement comes as the company’s stock shows significant volatility, with InvestingPro data revealing a 142% surge over the past six months despite a recent 21% weekly decline.
The company will begin the process of changing its name and stock symbol with Nasdaq, with completion details to be announced later. Yoshiharu is also relocating its headquarters to Brea, California, and changing its corporate website. According to InvestingPro analysis, the company currently maintains a WEAK financial health score of 1.69, with short-term obligations exceeding liquid assets.
"Our evolution to operate as Vestand is an acknowledgment of the progress we have made to diversify and position the company as a leading PropTech player in the U.S. market over the mid to long term," said Ji-Won Kim, Director and Chief Executive Officer of Yoshiharu.
The company signed a strategic Memorandum of Understanding earlier this year with Good Mood Studio, a real estate firm that reportedly has completed over 1,400 property flips. The company plans to leverage technologies including tokenization and AI-based property analysis in its new business direction.
Currently, Yoshiharu operates 15 Japanese ramen restaurants across Southern California and Las Vegas. The company went public on Nasdaq in 2022.
The announcement represents a significant pivot from the company’s core restaurant business to real estate technology. According to the press release statement, the company believes this diversification will establish "a solid foundation for long-term growth."
In other recent news, Yoshiharu Global Co. has announced temporary closures of all its restaurant locations for about three days to conduct a comprehensive review of store operations and update its accounting systems. This decision, disclosed in a recent 8-K filing, is part of the new management’s efforts to ensure effective company operations. Additionally, Yoshiharu Global has amended its corporate charter to increase authorized shares from 50 million to 100 million, reflecting adjustments to its corporate governance and capital structure. The company also reported changes to its Board of Directors, with Sungjoon Chae stepping down and new nominations including Seongjin Kim and Ji-Won Kim, who is expected to contribute significantly to Yoshiharu’s strategic vision and growth. Furthermore, Yoshiharu Global is venturing into the U.S. real estate market through partnerships with Good Mood Studio and Wealthrail, marking a strategic diversification into PropTech. The company has already acquired two residential properties and plans to expand its joint operations throughout the year. In another board reshuffle, Yoshiharu has nominated Abe Lim and Jae-Hyo Seo as independent directors, aiming to strengthen governance and strategic direction. These developments are part of Yoshiharu Global’s broader efforts to ensure robust management and explore new growth opportunities.
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