Stock Track | Kura Sushi USA Stock Drops After Announcing Public Offering

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Shares of Kura Sushi USA, Inc. (NASDAQ: KRUS), a technology-enabled Japanese restaurant chain, plunged over 5% in after-hours trading on November 11, 2024, following the company's announcement of an underwritten public offering of its Class A common stock.

Kura Sushi USA did not disclose the number of shares or the pricing details of the proposed offering. The company stated that it intends to grant the underwriters a 30-day option to purchase additional shares to cover over-allotments, if any. William Blair & Company, L.L.C., Barclays Capital Inc., and TD Securities (USA) LLC are acting as joint book-running managers for the offering.

According to the press release, Kura Sushi USA plans to use the net proceeds from the offering for general corporate purposes, including capital expenditures, working capital, and other business purposes. The offering is subject to market and other conditions, and the company did not provide any assurances regarding the completion, size, or terms of the proposed offering.

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