New York, May 27, 2026, 08:16 EDT
- Vestand said Nasdaq staff began a delisting process after the company missed three regular filings.
- VSTD traded near $0.50 before the open Wednesday after ending Tuesday at $0.47, up 16.5%.
- The company requested a Nasdaq hearing, getting a short automatic stay while it asks for more time.
Vestand Inc. shares traded up premarket Wednesday. The small-cap said Nasdaq has started a review that may delist its securities after a string of late filings.
The stock traded around $0.50 in premarket, after closing at $0.47 on Tuesday with a 16.5% gain. Premarket activity is typically thin and can see sharper moves. Nasdaq’s main session is 9:30 a.m. to 4:00 p.m. Eastern, with premarket from 4:00 a.m. to 9:30 a.m.
Vestand’s situation has changed from just a late report to something more serious. In a filing Tuesday, the company said Nasdaq gave it until May 18 to fix the issue. Vestand missed that deadline and still hadn’t filed its September 2025 quarterly report, 2025 annual report or March 2026 quarterly report. On May 19, Nasdaq sent a Staff Delisting Determination. Delisting removes a stock from a national exchange, which can cut its visibility and make it harder to trade.
Vestand has requested a hearing with the Nasdaq Hearings Panel, according to a filing, asking for the session on May 22. That triggers an automatic 15-day pause on any suspension. The company also wants Nasdaq to extend that stay through the rest of the hearing process. The filing says Nasdaq hearings are usually scheduled 30 to 45 days after a company asks for one.
Vestand said the ruling doesn’t trigger a trading halt or instant delisting. But the timeline is short. If its requests for a stay and more time don’t go through, Vestand’s Class A shares will be dropped from Nasdaq. The stock could qualify for over-the-counter trading after that, but there’s no guarantee.
Nasdaq Listing Rule 5250(c)(1) says listed companies must stay current with regular financial filings. Companies file Form 10-Q each quarter and Form 10-K every year. Vestand said back in April it couldn’t file its reports due to a continuing financial restatement.
Vestand said in a release it is “working diligently” to get the overdue reports filed, but didn’t give a timeline for when that will happen. Vestand also warned there’s no guarantee the filings come in before the hearing or that Nasdaq will give it the stay or extra time the company wants. Vestand Inc
Vestand’s latest episode comes less than a year after Yoshiharu Global rebranded as Vestand and switched its ticker to VSTD, pitching a pivot from just restaurants to an asset-backed model focused on real estate and crypto. At the time, CEO Ji-Won Kim called it a move toward a “new growth platform” that puts physical assets together with a corporate crypto treasury strategy. Nasdaq
Kura Sushi USA trades on Nasdaq and is a much bigger player in U.S. Japanese restaurants. Google Finance had Kura at $56.40 and a roughly $685 million market cap at Tuesday’s close. Vestand’s value was shown at about $6.66 million.
Risk appetite was stronger ahead of the open. U.S. stock index futures climbed early Wednesday, Reuters reported, with Nasdaq 100 futures up 0.48% at 6:34 a.m. Eastern. The S&P 500 and Nasdaq ended at record highs Tuesday. That may set a firmer tone for trading, but Vestand’s filing deadline issue remains unchanged.
The risk is clear. If Vestand fails to finish the reports in time or Nasdaq does not extend the stay, investors could end up stuck with shares moving from Nasdaq to a market with less liquidity. Price discovery is weaker there and some funds or brokers might limit trading.
