Univest Securities, LLC Announces Closing of IPO and Partial Exercise of Underwriters’ Over-Allotment Option for its Client Yoshitsu Co., Ltd (Nasdaq: TKLF)
January 13 2022 - 6:24PM
Univest Securities, LLC, a member of FINRA and SIPC, and a
full-service investment bank and securities broker-dealer firm
based in New York, today announced the closing of an initial public
offering (the “Offering”) of 6,250,000 American Depositary Shares
(“ADSs”) at a price to the public of US$4.00 per ADS, which
included 250,000 ADSs issued pursuant to the partial exercise of
the underwriters’ over-allotment option by its client Yoshitsu Co.,
Ltd (the “Company”, Nasdaq: TKLF), a retailer and wholesaler of
Japanese beauty and health products, as well as other products in
Japan. Each ADS represents one ordinary share of the Company. The
ADSs have been approved for listing on the Nasdaq Capital Market
and are expected to commence trading at or about between 9:50 a.m.
and 10:00 a.m. Eastern Time on January 18, 2022 under the ticker
symbol “TKLF.”
The Company received aggregate gross proceeds of
US$25 million from the Offering, before deducting underwriting
discounts and other related expenses.
Net proceeds from the Offering will be used for
opening new directly-operated physical stores and adding franchise
stores, brand marketing, improving distribution centers and
logistics systems, and talent acquisition and retention.
The Offering was conducted on a firm commitment
basis. Univest Securities, LLC acted as the sole book runner and
Valuable Capital Ltd. acted as a co-manager to the Offering. Hunter
Taubman Fischer & Li LLC acted as counsel to the Company, and
Sullivan & Worcester LLP acted as counsel to the underwriters
in connection with the Offering.
A registration statement on Form F-1 relating to
the Offering was filed with the Securities and Exchange Commission
(the “SEC”) (File Number: 333-259129) and, as amended, was declared
effective by the SEC on December 23, 2021. The Offering was made
only by means of a prospectus forming a part of the registration
statement. Copies of the final prospectus relating to the Offering
may be obtained from Univest Securities, LLC by email at
info@univest.us, or by standard mail to Univest Securities, LLC, 75
Rockefeller Plaza Suite 1838, New York, NY 10019. In addition, a
copy of the final prospectus relating to the Offering, when
available, may be obtained via the SEC’s website at
www.sec.gov.
Before you invest, you should read the
registration statement and the preliminary prospectus contained
therein and the final prospectus and other documents the Company
has filed or will file with the SEC for more complete information
about the Company and the Offering. This press release does not
constitute an offer to sell, or the solicitation of an offer to buy
any of the Company’s securities, nor shall such securities be
offered or sold in the United States absent registration or an
applicable exemption from registration, nor shall there be any
offer, solicitation or sale of any of the Company’s 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 such state or jurisdiction.
About Univest Securities,
LLC
Registered with FINRA since 1994, Univest
Securities, LLC provides a wide variety of financial services to
its institutional and retail clients globally including brokerage
and execution services, sales and trading, market making,
investment banking and advisory, wealth management. It strives to
provide clients with value-add service and focuses on building
long-term relationship with its clients. For more information,
please visit: www.univest.us.
About Yoshitsu
Co., Ltd
Headquartered in Tokyo, Japan, Yoshitsu Co., Ltd
is a retailer and wholesaler of Japanese beauty and health
products, as well as other products. The Company offers
approximately 12,400 stock keeping units (“SKUs”) of beauty
products, including cosmetics, skin care, fragrance, and body care,
among others, 3,600 SKUs of health products, including
over-the-counter drugs, nutritional supplements, and medical
supplies and devices, and 7,900 SKUs of other products, including
home goods, food, and alcoholic beverages. The Company currently
sells its products through directly-operated physical stores,
through online stores, and to franchise stores and wholesale
customers. For more information, please visit the company’s website
at https://www.ystbek.co.jp/irystbek/.
Forward-Looking Statements
All statements other than statements of
historical fact in this press release are forward-looking
statements, within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations and projections
about future events and financial trends that the Company believes
may affect its financial condition, results of operations, business
strategy, and financial needs. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to," or
other similar expressions. Univest Securities LLC and the Company
undertakes no obligation to update forward-looking statements to
reflect subsequent occurring events or circumstances, or changes in
its expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and the
representatives as well as the Company cautions investors that
actual results may differ materially from the anticipated results
and encourages investors to review other factors that may affect
its future results in the Company’s registration statement and in
its other filings with the SEC.
For more information, please
contact:
Univest Securities, LLC
Edric
GuoChief Executive
Officer75 Rockfeller Plaza, Suite 1838New York, NY
10019Phone: (212) 343-8888Email: info@univest.us
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