Yoshiharu Global Co (NASDAQ:YOSH) shares are trading lower by 38% to $5.69 Thursday afternoon amid ongoing volatility in recent sessions. The company recently effected a 1-for-10 reverse stock split for its Class A and Class B common stock. Trading began on a post-split basis Tuesday.

The company implemented the stock split to comply with Nasdaq's rules and maintain its listing status. The adjustments also affected equity awards, warrants and related agreements linked to the stock.

Fractional shares were rounded up, but the total authorized shares remained unchanged.

What Else?

Yoshiharu Global also recently disclosed its acquisition of Las Vegas restaurant assets for $3.6 million, with plans to finalize the deal by the end of 2023. The intention behind the acquisition is to merge their Japanese cuisine with the newly acquired restaurants' offerings, foreseeing an 80% revenue surge by opening four additional establishments in early 2024.

The company aims to manage a total of 13 restaurants by the year's end, utilizing this expansion to solidify its presence in Las Vegas and drive significant financial growth.

James Chae, the President and CEO of Yoshiharu, emphasized the strategic importance of these acquisitions, anticipating increased revenue, especially during seasonal and holiday periods.

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According to data from Benzinga Pro, YOSH has a 52-week high of $25.90 and a 52-week low of $2.96.