Key Highlights

● A Nasdaq Hearings Panel Delisted Vestand’s Class A common stock from the Nasdaq Capital Market, effective 27 July 2026, with trading moving to OTC Pink Limited.

● The panel cited unfiled Forms 10-Q for the quarters ended 30 September 2025 and 31 March 2026, the unfiled fiscal 2025 Form 10-K, and a bid price below $1.00.

● The former ramen operator Yoshiharu Global renamed itself in September 2025, describing an asset-backed platform that combines a crypto treasury strategy with real estate.

● The latest verifiable results are for fiscal 2024: Revenue of $12.8 million, up 39.3 per cent, and a net loss of $2.7 million.

Vestand Inc. (OTC:VSTD) is now quoted over the counter because a Nasdaq Hearings Panel decided to delist the company's Class A common stock from the Nasdaq Capital Market, effective 27 July 2026, and trading moved to the OTC Pink Limited Market under the same symbol. The company reported the decision in a Form 8-K dated 23 July 2026.

Business and Sector

Vestand was formerly Yoshiharu Global Co., a ramen restaurant operator based in Brea, California, which listed in 2022 under the ticker YOSH. In September 2025 it changed its name and began trading as VSTD, describing itself as an asset-backed platform that combines a corporate crypto treasury strategy with real estate holdings. That places the company across the consumer services, restaurant, real estate and digital asset sectors. Its Japanese restaurant concepts remain part of the story, but the strategic direction announced in 2025 moved well beyond restaurants.

The Delisting Decision

The panel's 8-K cited two failures. First, the company had not filed required periodic reports, namely the Form 10-Q for the quarter ended 30 September 2025, the Form 10-K for fiscal 2025 and the Form 10-Q for the quarter ended 31 March 2026. Second, the shares had failed to maintain the minimum bid price of $1.00. The panel also expressed concern about the prolonged absence of public disclosure and the change in the company's business, and raised reservations about management experience and institutional stability.

The company had 15 calendar days to request a review by the Nasdaq Listing and Hearing Review Council. Whether such a request was made has not been confirmed. A local Business report said shares were around two cents at delisting.

Financial Performance and Context

The latest results available are those for fiscal 2024, published on 2 April 2025 when the company was still Yoshiharu. Revenue was $12.8 million, up 39.3 per cent on the previous year, and the net loss narrowed to $2.7 million from $3.0 million. Fourth quarter revenue rose 47 per cent to $3.7 million, and the company reported Net Income of $0.5 million for that quarter. Cash was $1.2 million at 31 December 2024, with 15 restaurants operating and one more in development.

That year the company also regained compliance with Nasdaq's minimum stockholders' Equity requirement, through financing commitments totalling $3.56 million and the conversion of $2.5 million of Debt into equity.

Those figures predate the rebrand, and the reporting gap described by the panel means no audited fiscal 2025 results were available. Any third-party trailing figures should therefore be treated with caution, because the underlying filings had not been delivered.

Material Risks

The risks are considerable. Delisting typically reduces Liquidity and visibility, and OTC Pink Limited trading generally offers noticeably less public information than an exchange. Missing three consecutive periodic reports leaves investors without current audited information about revenue, losses, cash, debts or the performance of the digital asset and real estate plans. The panel's comments on management experience add governance risk, and the business has changed shape since the figures that are available.

A crypto treasury strategy also exposes a company to volatile asset values, while a real estate platform needs capital. The company's small cash balance at the end of 2024 suggests financing needs may be significant.

Overdue Filings, a Review Request and the Disclosure Gap on Digital Assets

The key developments to follow are the filing of the overdue 10-K and 10-Q reports, any request for review of the delisting decision, and disclosures describing the size, custody and valuation of any digital asset holdings and real estate. Without those documents, investors cannot compare the new business with the restaurant operations that produced the 2024 results.