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Kura Sushi USA Announces Pricing of Public Offering of Common Stock

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Kura Sushi USA has priced its public offering of 695,938 shares of Class A common stock at $85.00 per share, expecting to raise approximately $56.2 million in net proceeds. The company granted underwriters a 30-day option to purchase up to 104,390 additional shares, potentially increasing net proceeds to $64.6 million if fully exercised. The offering is expected to close on November 13, 2024. The funds will be used for general corporate purposes, including capital expenditures, working capital, and other business purposes. William Blair & Company, Barclays Capital, and TD Securities are acting as joint book-running managers.

Kura Sushi USA ha fissato il prezzo della sua offerta pubblica di 695.938 azioni di azioni ordinarie di Classe A a $85,00 per azione, prevedendo di raccogliere circa $56,2 milioni in proventi netti. L'azienda ha concesso ai sottoscrittori un'opzione di acquisto di 30 giorni per ulteriori 104.390 azioni, aumentando potenzialmente i proventi netti a $64,6 milioni se completamente esercitata. Si prevede che l'offerta si chiuda il 13 novembre 2024. I fondi saranno utilizzati per scopi aziendali generali, comprese le spese in conto capitale, il capitale circolante e altri scopi commerciali. William Blair & Company, Barclays Capital e TD Securities stanno agendo come manager di book-running congiunti.

Kura Sushi USA ha fijado el precio de su oferta pública de 695.938 acciones ordinarias de Clase A a $85.00 por acción, esperando recaudar aproximadamente $56.2 millones en ingresos netos. La compañía otorgó a los suscriptores una opción de compra de 30 días para adquirir hasta 104.390 acciones adicionales, lo que podría aumentar los ingresos netos a $64.6 millones si se ejerce completamente. Se espera que la oferta cierre el 13 de noviembre de 2024. Los fondos se utilizarán para fines corporativos generales, incluidos los gastos de capital, el capital de trabajo y otros objetivos comerciales. William Blair & Company, Barclays Capital y TD Securities actúan como administradores de libro conjunto.

Kura Sushi USA는 클래스 A 보통주 695,938주의 공모가를 주당 $85.00로 책정하여 약 $56.2 백만의 순수익을 올릴 것으로 기대하고 있습니다. 회사는 인수인에게 30일 동안 104,390주의 추가 구매 옵션을 부여하여 전액 행사될 경우 순수익이 $64.6 백만으로 증가할 수 있습니다. 이 공모는 2024년 11월 13일에 마감될 것으로 예상됩니다. 자금은 자본 지출, 운영 자금 및 기타 사업 목적을 포함한 일반 기업 목적에 사용될 예정입니다. William Blair & Company, Barclays Capital 및 TD Securities는 공동 북런닝 매니저로 활동하고 있습니다.

Kura Sushi USA a fixé le prix de son offre publique à 695.938 actions ordinaires de Classe A à 85,00 $ par action, espérant lever environ 56,2 millions $ de produits nets. La société a accordé aux souscripteurs une option d'achat de 30 jours pour acquérir jusqu'à 104.390 actions supplémentaires, ce qui pourrait augmenter les produits nets à 64,6 millions $ si elle est exercée entièrement. L'offre devrait se clôturer le 13 novembre 2024. Les fonds seront utilisés à des fins d'entreprise générales, y compris des dépenses d'investissement, du fonds de roulement et d'autres objectifs commerciaux. William Blair & Company, Barclays Capital et TD Securities agissent en tant que gestionnaires co-gestionnaires de livre.

Kura Sushi USA hat den Preis für ihr öffentliches Angebot von 695.938 Stammaktien der Klasse A auf 85,00 $ pro Aktie festgelegt und erwartet, etwa 56,2 Millionen $ an Nettomitteln zu verdienen. Das Unternehmen hat den Underwritern eine 30-tägige Option auf den Kauf von bis zu 104.390 zusätzlichen Aktien eingeräumt, was die Nettomittel auf 64,6 Millionen $ erhöhen könnte, wenn sie vollständig ausgeübt wird. Das Angebot wird voraussichtlich am 13. November 2024 abgeschlossen. Die Mittel sollen für allgemeine Unternehmenszwecke verwendet werden, einschließlich Investitionsausgaben, Betriebskapital und andere geschäftliche Zwecke. William Blair & Company, Barclays Capital und TD Securities fungieren als Joint Book-Running Manager.

Positive
  • Successful pricing of public offering at $85.00 per share
  • Expected to raise $56.2 million in net proceeds
  • Potential additional proceeds of $8.4 million from over-allotment option
  • Funds will support capital expenditures and working capital needs
Negative
  • Potential dilution of existing shareholders' equity
  • Share offering may put downward pressure on stock price

Insights

The $56.2 million stock offering at $85.00 per share represents a significant capital raise for Kura Sushi, with potential to reach $64.6 million if over-allotment options are exercised. The pricing reflects market confidence, though it may cause near-term dilution for existing shareholders. With a current market cap of $1.06 billion, this offering represents about 5.3% dilution at the base offering level.

The capital raise strengthens Kura's balance sheet and provides growth capital for expansion. The company's technology-enabled restaurant concept requires significant capital expenditure for new locations, making this fundraising important for executing their growth strategy. The involvement of major underwriters like William Blair, Barclays and TD Securities adds credibility to the offering.

IRVINE, Calif., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Kura Sushi USA, Inc. (“Kura Sushi” or the “Company”) (NASDAQ: KRUS), a technology-enabled Japanese restaurant concept, today announced that it has priced its previously announced underwritten public offering of 695,938 shares of its Class A common stock at a public offering price of $85.00 per share, for expected proceeds of approximately $56.2 million, net of the underwriters’ discount. All shares of Class A common stock are being offered by the Company. As part of the offering, Kura Sushi also granted the underwriters a 30-day option to purchase up to an additional 104,390 shares of its Class A common stock to cover over-allotments, if any. If the underwriters exercise their over-allotment option in full, the expected proceeds of the offering, net of the underwriters’ discount, would be approximately $64.6 million. The offering is expected to close on November 13, 2024, subject to customary closing conditions.

Kura Sushi intends to use the net proceeds from the offering for general corporate purposes, including capital expenditures, working capital, and other business purposes.

William Blair & Company, L.L.C., Barclays Capital Inc. and TD Securities (USA) LLC are acting as joint book-running managers for the offering. Craig-Hallum Capital Group LLC, Roth Capital Partners, LLC and The Benchmark Company, LLC are acting as co-managers for the offering.

The offering is being made pursuant to an effective shelf registration statement including a base prospectus that has been filed with the Securities and Exchange Commission (the “SEC”) and declared effective and is available on the SEC website. A preliminary prospectus supplement and the accompanying base prospectus related to the offering have been filed with the SEC and are available on the SEC website. Copies of these documents may be obtained from William Blair & Company, L.L.C., Attn: Prospectus Department, 150 North Riverside Plaza, Chicago, Illinois 60606, by telephone at 1-800-621-0687 or by email at: prospectus@williamblair.com; Barclays Capital Inc. c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at 1-888-603-5847 or by email at: barclaysprospectus@broadridge.com; or TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, NY 10017, by telephone at 1-855-495-9846 or by email at TD.ECM_Prospectus@tdsecurities.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Kura Sushi USA, Inc.

Kura Sushi USA, Inc. is a technology-enabled Japanese restaurant concept with 70 locations across 20 states and Washington DC. The Company offers guests a distinctive dining experience built on authentic Japanese cuisine and an engaging revolving sushi service model. Kura Sushi USA, Inc. was established in 2008 as a subsidiary of Kura Sushi, Inc., a Japan-based revolving sushi chain with over 550 restaurants and 40 years of brand history.

Forward-Looking Statements

Except for historical information contained herein, the statements in this press release or otherwise made by the Company’s management in connection with the subject matter of this press release are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and involve risks and uncertainties and are subject to change based on various important factors. This press release includes forward-looking statements that are based on management’s current estimates or expectations of future events or future results. These statements are not historical in nature and can generally be identified by such words as “target,” “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “continue,” “predict,” “potential,” “plan,” “anticipate” or the negative of these terms, and similar expressions. Management’s expectations and assumptions regarding future results are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements included in this press release. These risks and uncertainties include but are not limited to: the Company’s discretion as to the use of proceeds from the offering; the Company’s ability to successfully maintain increases in its comparable restaurant sales and average unit volumes; the Company’s ability to successfully execute its growth strategy and open new restaurants that are profitable; the Company’s ability to expand in existing and new markets; the Company’s projected growth in the number of its restaurants; macroeconomic conditions and other economic factors, including rising interest rates, the possibility of a recession and instability in financial markets; the Company’s ability to compete with many other restaurants; the Company’s reliance on vendors, suppliers and distributors, including its majority stockholder Kura Sushi, Inc.; changes in food and supply costs, including the impact of inflation and tariffs; concerns regarding food safety and foodborne illness; changes in consumer preferences and the level of acceptance of the Company’s restaurant concept in new markets; minimum wage increases and mandated employee benefits that could cause a significant increase in labor costs, as well as the impact of labor availability; the failure of the Company’s automated equipment or information technology systems or the breach of its network security; the loss of key members of the Company’s management team; the impact of governmental laws and regulations; volatility in the price of the Company’s common stock; and other risks and uncertainties as described in the Company’s filings with the SEC. These and other factors that could cause results to differ materially from those described in the forward-looking statements contained in this press release can be found in the Company’s other filings with the SEC. Undue reliance should not be placed on forward-looking statements, which are only current as of the date they are made. The Company assumes no obligation to update or revise its forward-looking statements, except as may be required by applicable law.

Investor Relations Contact:
Jeff Priester
(657) 333-4010
investor@kurausa.com


FAQ

What is the price per share for Kura Sushi's (KRUS) November 2024 public offering?

Kura Sushi USA priced its public offering at $85.00 per share.

How many shares is Kura Sushi (KRUS) offering in its November 2024 public offering?

Kura Sushi is offering 695,938 shares of Class A common stock, with an additional 104,390 shares available through the underwriters' over-allotment option.

How much money does Kura Sushi (KRUS) expect to raise from its November 2024 offering?

Kura Sushi expects to raise approximately $56.2 million in net proceeds, which could increase to $64.6 million if the underwriters' over-allotment option is fully exercised.

What will Kura Sushi (KRUS) use the proceeds from its November 2024 offering for?

Kura Sushi intends to use the net proceeds for general corporate purposes, including capital expenditures, working capital, and other business purposes.

Kura Sushi USA, Inc.

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