Vestand Inc. (VSTD)

Vestand Inc. was formerly known as Yoshiharu Global Co., a company that operated Japanese-style ramen restaurants in California under the Yoshiharu name. Yoshiharu Global listed its Class A common stock on Nasdaq in 2022, and it was headquartered in the Orange County area of Southern California, later reported as Brea.

In September 2025 the company changed its name to Vestand Inc. and described a broader strategy that went beyond restaurants. According to press coverage, the company moved into real estate development and digital asset activities and spoke of possible expansion in markets such as South Korea, Paris and London.

The company's compliance problems began in late 2025. Vestand did not timely file its quarterly report for the period ended September 30, 2025, and later also missed its annual report for 2025 and its first-quarter 2026 report. Nasdaq granted extensions in January and May 2026, with a final deadline of May 18, 2026, but the reports were not filed in time.

On May 19, 2026, Nasdaq staff issued a delisting determination under Listing Rule 5250(c)(1), which requires timely filing of periodic reports. Vestand appealed on May 22, 2026, requesting a hearing before a Listing Qualifications Hearings Panel. On June 12, 2026 staff issued an additional determination under Listing Rule 5550(a)(2), the minimum bid price requirement, as the share price had fallen well below $1.00.

The panel held a hearing on June 30, 2026 and issued a decision on July 23, 2026 to suspend the company from the exchange. Trading in the Class A common stock was suspended on July 27, 2026, and the staff determination became final on September 8, 2026. Nasdaq issued its formal delisting determination on September 17, 2026.

Nasdaq filed a Form 25 with the SEC in early October 2026, and the removal from listing took effect at the opening of trading on October 19, 2026. The delisting resulted from noncompliance with listing rules and was not an acquisition or merger, so no shareholder consideration was paid.