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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Kura Sushi USA, Inc.    KRUS

KURA SUSHI USA, INC.

(KRUS)
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KURA SUSHI USA, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant (form 8-K)

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04/15/2020 | 06:22am EDT

Item 1.01 Entry into a Material Definitive Agreement.

On April 14, 2020, Kura Sushi USA, Inc. (the "Company") entered into a Promissory Note with Bank of the West, which provides for a loan in the amount of $5,983,290 (the "PPP Loan") pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"). The PPP Loan has a two-year term and bears interest at a rate of 1.0% per annum. Monthly principal and interest payments are deferred for six months after the date of disbursement. The PPP Loan may be prepaid at any time prior to maturity with no prepayment penalties. The Promissory Note contains events of default and other provisions customary for a loan of this type. The Paycheck Protection Program provides that the PPP Loan may be partially or wholly forgiven if the funds are used for certain qualifying expenses as described in the CARES Act. The Company intends to use the entire PPP Loan amount for qualifying expenses and to apply for forgiveness of the loan in accordance with the terms of the CARES Act.

Forward Looking Statements

Except for historical information contained herein, the statements in this Form 8-K are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and involve risks and uncertainties and are subject to change based on various important factors. This Form 8-K includes forward-looking statements that are based on management's current estimates or expectations of future events or future results. These statements are not historical in nature and can generally be identified by such words as "target," "may," "might," "will," "objective," "intend," "should," "could," "can," "would," "expect," "believe," "design," "estimate," "continue," "predict," "potential," "plan," "anticipate" or the negative of these terms, and similar expressions. Management's expectations and assumptions regarding future results are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements included in this Form 8-K. These risks and uncertainties include but are not limited to: risks related to the COVID-19 outbreak; our ability to successfully maintain increases in our comparable restaurant sales; our ability to successfully execute our growth strategy and open new restaurants that are profitable; our ability to expand in existing and new markets; our projected growth in the number of our restaurants; macroeconomic conditions and other economic factors; our ability to compete with many other restaurants; our reliance on vendors, suppliers and distributors, including our parent company Kura Sushi, Inc.; concerns regarding food safety and foodborne illness; changes in consumer preferences and the level of acceptance of our restaurant concept in new markets; minimum wage increases and mandated employee benefits that could cause a significant increase in our labor costs; the failure of our automated equipment or information technology systems or the breach of our network security; the loss of key members of our management team; the impact of governmental laws and regulations; volatility in the price of our common stock; and other risks and uncertainties as described in our filings with the Securities and Exchange Commission ("SEC"). These and other factors that could cause results to differ materially from those described in the forward-looking statements contained in this Form 8-K can be found in the Company's other filings with the SEC. Undue reliance should not be placed on forward-looking statements, which are only current as of the date they are made. The Company assumes no obligation to update or revise its forward-looking statements, except as may be required by applicable law.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

Off-Balance Sheet Arrangement of a Registrant.

The discussion of the PPP Loan set forth under Item 1.01 of this Current Report on Form 8-K is incorporated in this Item 2.03 by reference.

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© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 52,9 M - -
Net income 2020 -16,0 M - -
Net cash 2020 15,0 M - -
P/E ratio 2020 -7,01x
Yield 2020 -
Capitalization 92,6 M 92,6 M -
EV / Sales 2019
EV / Sales 2020 1,47x
Nbr of Employees 1 400
Free-Float 40,1%
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Number of Analysts 5
Average target price 20,60 $
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NameTitle
Hajime Uba Chairman, President & Chief Executive Officer
Manabu Kamei Chief Operating Officer & Director
Koji Shinohara Chief Financial Officer, Secretary & Treasurer
Seitaro Ishii Independent Director
Shintaro Asako Lead Independent Director
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