Kura Sushi USA (NASDAQ: KRUS), a fast-growing technology enabled Japanese restaurant concept, has closed an underwritten public offering of 1,265,000 shares of its Class A common stock, which includes 165,000 shares per the full exercise of the over-allotment option granted to the underwriters. The company secured approximately $57 million in gross proceeds, with each of the shares sold at a public offering price of $45.00. Kura Sushi USA anticipates using proceeds from the offering for general corporate purposes, including capital expenditures, the repayment of the indebtedness outstanding under its existing revolving credit agreement with its parent company, working capital, as well as other business purposes. Roth Capital Partners acted as co-manager for the offering.
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About Kura Sushi USA Inc.
Kura Sushi USA is a fast-growing technology enabled Japanese restaurant concept with 32 locations in nine states and Washington DC. The company offers guests a distinctive dining experience by serving authentic Japanese cuisine through an engaging revolving sushi service model. Kura Sushi USA was established in 2008 as a subsidiary of Kura Sushi Inc., a Japan-based revolving sushi chain with over 480 restaurants and 35 years of brand history. For more information, please visit www.KuraSushi.com.
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