Yoshitsu ADRs Dive 55% on Direct Offering of 6M ADSs

Dow Jones01-26

By Denny Jacob

American depositary receipts of Yoshitsu tumbled 55% to 36 cents after it entered into a securities purchase agreement with certain institutional investors.

ADRs are down 72% over the last 12 months.

The retailer and wholesaler of Japanese beauty and health products will issue about 6 million American depositary shares at a price of 67 cents each in a registered direct offering. In a concurrent private placement, the company also agreed to sell the same investors ADS purchase warrants.

Yoshitsu expects aggregate gross proceeds for both transactions to be about $4 million.

The offering is expected to close on or about Jan. 30.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

January 26, 2024 09:56 ET (14:56 GMT)

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