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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, Results of Operations and Financial Condition, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

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04/14/2020 | 04:12pm EDT

Item 1.01 Entry into a Material Definitive Agreement.

On April 10, 2020, Kura Sushi USA, Inc. (the "Company") entered into a Revolving Credit Agreement (the "Revolving Credit Agreement") with Kura Sushi, Inc., the holder of a majority of the Company's capital stock ("Kura Japan"), which provides for a $20 million revolving credit line with a termination date of March 31, 2024. The maturity date for amounts borrowed under the Revolving Credit Agreement is twelve months after the disbursement date, unless renewed or extended by mutual agreement of both parties for an additional twelve months. The interest rate applied to amounts borrowed under the Revolving Credit Agreement will be determined at the time of each advance. The Company entered into the Revolving Credit Agreement as a precautionary measure in order to increase its access to liquidity in light of the restaurant closures and economic uncertainty resulting from the COVID-19 outbreak.

The foregoing is only a summary of the material terms of the Revolving Credit Agreement and does not purport to be complete, and is qualified in its entirety by reference to the Revolving Credit Agreement, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated by reference herein.

Item 2.02 Results of Operations and Financial Condition.

On April 14, 2020, Kura Sushi USA, Inc. issued a press release disclosing earnings and other financial results for its second fiscal quarter ended February 29, 2020, and that its management would review these results in a conference call at 5:00 p.m. (EST) on April 14, 2020. A copy of this press release is attached hereto as Exhibit 99.1.

The information furnished with this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.


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 Revolving Credit Agreement set forth under Item 1.01 of this Current Report on Form 8-K is incorporated in this Item 2.03 by reference.

Item 9.01 Financial Statements and Exhibits.


(d) Exhibits




Exhibit No.     Description

   10.1         Revolving Credit Agreement, dated April 10, 2020, between Kura Sushi
              USA, Inc. and Kura Sushi, Inc.
   99.1         Press Release dated April 14, 2020

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

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