2023-04-10 17:55:04 ET
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Kura Sushi USA ( NASDAQ: KRUS ) said Monday it intends to offer and sell 1.1 million class A shares to the public through an underwritten offering.
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Shares -7.1% at $53 after hours.
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All shares of class A common stock are being offered by the KRUS.
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The company also expects to grant the underwriters a 30-day option to purchase an additional 165,000 shares of its class A common stock.
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The proposed offering is subject to market and other conditions, and there can be no assurances as to whether or when the proposed offering may be completed, or as to the actual size or terms of the proposed offering.
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Kura Sushi intends to use the net proceeds from the proposed offering for general corporate purposes, including capital expenditures, working capital, and other business purposes.
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Citigroup, William Blair & Company, and Barclays Capital are acting as lead book-running managers for the offering.
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Stephens Inc. is acting as book-running manager for the offering.
For further details see:
Kura Sushi USA stock slumps 7% on proposed public offering of 1.1M shares