Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39%
Weak multi-year price returns
2Y Excs Rtn is -102%, 3Y Excs Rtn is -142%
Penny stock
Mkt Price is 0.3
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -84%
  Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -2.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -20%
2 Attractive yield
FCF Yield is 7.2%
  Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 900%
3   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -172%
4   High stock price volatility
Vol 12M is 145%
5   Key risks
VSTD key risks include [1] potential Nasdaq delisting for filing non-compliance, Show more.
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39%
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -84%
2 Attractive yield
FCF Yield is 7.2%
3 Weak multi-year price returns
2Y Excs Rtn is -102%, 3Y Excs Rtn is -142%
4 Penny stock
Mkt Price is 0.3
5 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -2.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -20%
6 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 900%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -172%
8 High stock price volatility
Vol 12M is 145%
9 Key risks
VSTD key risks include [1] potential Nasdaq delisting for filing non-compliance, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Vestand (VSTD) stock has lost about 50% since 11/30/2025 because of the following key factors:

1. Ongoing Nasdaq Non-Compliance and Delisting Threat.

Vestand received a Nasdaq notification on December 2, 2025, concerning a late 10-Q filing and continued listing requirements. The company faces a deadline in June 2026 to meet the Nasdaq minimum $1 bid price requirement, indicating a significant risk of delisting if compliance is not achieved.

2. Suspension of Restaurant Operations Due to Severe Financial Strain.

On March 2, 2026, Vestand's Board approved a temporary suspension of its restaurant operations, leading to the closure of a dozen locations across Nevada and California. This decision was made to curb operating losses and stabilize finances, with the company disclosing that several California sites are already in lease-related default, highlighting critical operational and financial distress.

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Stock Movement Drivers

Fundamental Drivers

The -47.9% change in VSTD stock from 11/30/2025 to 3/29/2026 was primarily driven by a -47.9% change in the company's P/S Multiple.
(LTM values as of)113020253292026Change
Stock Price ($)0.550.29-47.9%
Change Contribution By: 
Total Revenues ($ Mil)13130.0%
P/S Multiple0.20.1-47.9%
Shares Outstanding (Mil)550.0%
Cumulative Contribution-47.9%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/29/2026
ReturnCorrelation
VSTD-47.9% 
Market (SPY)-5.3%1.6%
Sector (XLY)-10.4%6.5%

Fundamental Drivers

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Market Drivers

8/31/2025 to 3/29/2026
ReturnCorrelation
VSTD  
Market (SPY)0.6%10.5%
Sector (XLY)-8.5%8.4%

Fundamental Drivers

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Market Drivers

2/28/2025 to 3/29/2026
ReturnCorrelation
VSTD  
Market (SPY)9.8%10.5%
Sector (XLY)-1.3%8.4%

Fundamental Drivers

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null

Market Drivers

2/28/2023 to 3/29/2026
ReturnCorrelation
VSTD  
Market (SPY)69.4%10.5%
Sector (XLY)49.0%8.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
VSTD Return-----84%28%-79%
Peers Return61%-33%87%-14%39%3%149%
S&P 500 Return27%-19%24%23%16%-5%72%

Monthly Win Rates [3]
VSTD Win Rate----25%67% 
Peers Win Rate43%33%53%38%37%47% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
VSTD Max Drawdown-----85%-5% 
Peers Max Drawdown-18%-54%-12%-37%-46%-15% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-5% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: KRUS, RAVE, GTIM, BTBD, OPEN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)

How Low Can It Go

VSTD has limited trading history. Below is the Consumer Discretionary sector ETF (XLY) in its place.

Unique KeyEventXLYS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-40.3%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven67.4%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven680 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-33.9%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven51.3%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven82 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-21.9%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven28.1%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven105 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-60.1%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven150.8%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven779 days1,480 days

Compare to KRUS, RAVE, GTIM, BTBD, OPEN

In The Past

SPDR Select Sector Fund's stock fell -40.3% during the 2022 Inflation Shock from a high on 11/19/2021. A -40.3% loss requires a 67.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Vestand (VSTD)

Yoshiharu is a fast-growing restaurant operator and was borne out the idea of introducing the modernized Japanese dining experience to customers all over the world. Specializing in Japanese ramen, Yoshiharu gained recognition as a leading ramen restaurant in Southern California within six months of our 2016 debut and has continued to expand our top-notch restaurant service across Southern California, currently owning and operating 8 restaurant stores with an additional 1 new restaurant store under construction/development and an additional 8 restaurant stores expected to open in 2022. We take pride in our warm, hearty, smooth, and rich bone broth, which is slowly boiled for over 12 hours. Customers can taste and experience supreme quality and deep flavors. Combining the broth with the fresh, savory, and highest-quality ingredients, Yoshiharu serves the perfect, ideal ramen, as well as offers customers a wide variety of sushi rolls, bento menu and other favorite Japanese cuisine. Our acclaimed signature Tonkotsu Black Ramen has become a customer favorite with its slow cooked pork bone broth and freshly made, tender chashu (braised pork belly). Our mission is to bring our Japanese ramen and cuisine to the mainstream, by providing a meal that customers find comforting. Since the inception of the business, we have been making our own ramen broth and other key ingredients, such as pork chashu and flavored eggs from scratch, whereby upholding the quality and taste of our foods, including the signature texture and deep, rich flavor of our handcrafted broth. Moreover, we believe that slowly cooking the bone broth makes it high in collagen and rich in nutrients. Yoshiharu also strives to present food that is not only nutrient-rich, but also affordable. We feed, entertain and delight our customers, with our active kitchens and bustling dining rooms by providing happy hour specials, student and senior discounts, and special holiday events. As a result of our vision, customers can comfortably enjoy our food in a friendly and welcoming atmosphere. Our success has resulted in strong financial results as illustrated by the following: . Revenue grew from $3.2 million for the year ended December 31, 2020, to $6.5 million for the year ended December 31, 2021. This is partially attributable to recovery from the negative impact of COVID-19 on 2020 results. Revenue for the year ended December 31, 2019 was approximately $4.1 million, so after the brief downturn for fiscal 2020, the Company has recovered and returned to a path of planned growth. . We continue to accelerate the pace of new “corporate-owned” (i.e., directly owned by us) restaurant openings and expect to operate over 17 corporate-owned locations by year end 2022 (this includes 1 new restaurant store currently under development and an additional 8 restaurant stores, of which 4 have been site selected). . We operate in a large and rapidly growing market. We believe the consumer appetite for Asian cuisine is widespread across many demographics and we have an opportunity to expand in both existing and new U.S. markets, as well as internationally. . Yoshiharu is in the process of registering its franchise program (which we expect to be completed by the end of 2022). Upon completion, we plan on providing franchisee opportunities domestically and internationally. In the U.S., we believe there is a potential to open 20 stores per year by franchisees. Globally, we are also exploring the idea of granting country-wide exclusivity to franchisees, which we believe will help expand our global footprint considerably. As of the date of this prospectus, we do not have a franchise program. . Average check size is moderate and increasing. For the year ended December 31, 2019, the average check size in our stores was $30.79, which decreased 2.2% to $30.11 for the year ended December 31, 2020. For year ended December 31, 2021, average check size in our restaurants was $33.70. For the six months ended June 30, 2022, average check size was $42.16. The Company has suffered recurring losses from operations and has a significant accumulated deficit. For the years ended December 31, 2020 and December 31, 2021, and for the six months ended June 30, 2022 the Company had a net loss of $450,128, $1,630,485 and $840,414, respectively. In addition, the Company continues to experience negative cash flow from operations and has a significant accumulated deficit, which was $3,653,456 at June 30, 2022. These factors raise a substantial doubt about the Company’s ability to continue as a going concern, and our independent registered public accounting firm has included a going concern uncertainty explanatory paragraph in their report dated May 27, 2022. . Our flexible physical footprint, which has allowed us to open restaurants in sizes ranging from 1,500 to 2,500 square feet, allows us to open in-line and end-cap restaurant formats at strip malls and shopping centers and penetrate markets in both suburban and urban areas. Our offices are located at 6940 Beach Blvd., Suite D-705, Buena Park, CA.

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  • Chipotle for Japanese ramen
  • Shake Shack for Japanese ramen

AI Analysis | Feedback

  • Japanese Ramen: Specializing in bone broth ramen, this is Yoshiharu's signature and acclaimed main dish.
  • Sushi Rolls: A variety of sushi options are offered to customers alongside ramen.
  • Bento Menu: Customers can enjoy various bento box meals.
  • Other Japanese Cuisine: The restaurants also provide a wide selection of other favorite Japanese dishes.
  • Restaurant Franchising: (Expected by end of 2022) Offering franchise licenses to operate Yoshiharu restaurants domestically and internationally.

AI Analysis | Feedback

Vestand (symbol: VSTD) primarily sells its restaurant services and food products directly to individual consumers through its Yoshiharu restaurant chain. The company does not have major corporate customers. The primary categories of customers served are:
  • General Public / Food Enthusiasts: Individuals seeking an authentic and modernized Japanese dining experience, including ramen, sushi, and other Japanese cuisine. The company aims to bring Japanese ramen and cuisine to the mainstream.
  • Students: Yoshiharu offers specific discounts to students, indicating they are a targeted customer demographic.
  • Seniors: Yoshiharu also provides discounts for seniors, identifying them as another specific customer segment.

AI Analysis | Feedback

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AI Analysis | Feedback

Ji-Won Kim, Chief Executive Officer

Ji-Won Kim is a seasoned leader with over 20 years of hands-on experience in the food service industry. He is recognized as an expert in brand development and operations, having successfully launched and established multiple brands, including the Macho Galbi restaurant brand. Mr. Kim served as the Chief Executive Officer of Macho Galbi since April 2016, where he oversaw the implementation of franchise systems, menu, distribution management, and overall store operations. In 2025, he was also appointed Managing Director of BS1 Fund, an investment fund in Korea.

Jaeho Yoon, Chief Financial Officer

Jaeho Yoon is a veteran financial leader who most recently served as a senior manager in the corporate planning team at BGF EcoMaterials. In this role, he oversaw company-wide management reporting and managed subsidiaries across the U.S., China, and India. His previous experience includes a role as a manager in the new business development team at BGF Holdings, and consulting positions at Roland Berger Strategic Consultants and Deloitte Consulting Southeast Asia.

Andrew Yun, Chief Compliance Officer

Andrew Yun is a highly regarded attorney with extensive experience in corporate law, real estate, mergers and acquisitions, and corporate governance. He is the managing partner of Yun Law Group, where his practice focuses on business transactions, corporate governance, and mergers and acquisitions. Before founding his law firm, Mr. Yun worked as senior legal counsel for major energy and electronics conglomerates. He joined Vestand's Board of Directors in October 2025.

AI Analysis | Feedback

The primary key risk to Vestand (VSTD) is its ability to continue as a going concern. The company has experienced recurring losses from operations, negative cash flow, and a significant accumulated deficit, leading its independent registered public accounting firm to include a going concern uncertainty explanatory paragraph in their report.

AI Analysis | Feedback

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AI Analysis | Feedback

The addressable markets for Vestand (VSTD), which operates Yoshiharu Japanese ramen restaurants, can be identified at both the U.S. and global levels for Japanese cuisine and specifically for ramen restaurants. In the U.S., the ramen restaurant market size is projected to be $1.6 billion in 2025 and 2026. This market experienced a compound annual growth rate (CAGR) of 7.6% between 2020 and 2025. The broader Japanese restaurant market in the U.S. was valued at $32.2 billion in 2024 and is projected to reach $32.5 billion in 2025. This segment saw a CAGR of 0.2% over the last five years, including a 1.0% rise in 2024 alone. Globally, the Japanese restaurant market was valued at approximately USD 18.86 billion in 2024 and is expected to grow to USD 24.53 billion by 2032, with a CAGR of 3.99% during this period. Another estimate projects the global Japanese restaurant market to expand from USD 19.61 billion in 2025 to approximately USD 25.50 billion by 2033, reflecting a similar CAGR of about 3.99% (2025–2033). While including instant noodles, the broader global ramen noodles market reached approximately USD 58 billion in 2023 and is expected to reach USD 90.09 billion by 2031, growing at a CAGR of 6.96% during the forecast period of 2024-2031.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Vestand (VSTD) over the next 2-3 years:

  1. Expansion of Corporate-Owned Restaurant Locations: Vestand plans to accelerate the pace of new corporate-owned restaurant openings, expecting to operate over 17 locations by year-end 2022, including stores currently under development and additional planned openings.
  2. Launch and Growth of Franchise Program: The company is in the process of registering its franchise program, with plans to offer domestic and international franchisee opportunities, aiming for a potential of 20 new franchisee stores per year in the U.S. and exploring country-wide exclusivity globally.
  3. Expansion into New Domestic and International Markets: Beyond increasing store count, Yoshiharu sees an opportunity to expand into new U.S. markets and internationally, leveraging the widespread consumer appetite for Asian cuisine.
  4. Increase in Average Check Size: Vestand has demonstrated a positive trend in its average check size, which increased from $30.11 in 2020 to $33.70 in 2021, and further to $42.16 for the six months ended June 30, 2022, indicating a driver for increased revenue per customer.

AI Analysis | Feedback

Capital Expenditures

  • A primary focus has been the acceleration of new "corporate-owned" restaurant openings.
  • The company expected to operate over 17 corporate-owned locations by year-end 2022, including one new restaurant store under construction/development and an additional eight restaurant stores expected to open in 2022.
  • New restaurants are designed with a flexible physical footprint, ranging from 1,500 to 2,500 square feet, allowing for in-line and end-cap formats in strip malls and shopping centers, facilitating market penetration in both suburban and urban areas.

Better Bets vs. Vestand (VSTD)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Vestand Earnings Notes12/16/2025
2null10/17/2025
Title
0ARTICLES

Trade Ideas

Select ideas related to VSTD.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
MBLY_2272026_Dip_Buyer_HighCashEquity_ExInd02272026MBLYMobileye GlobalDip BuyDB | Cash/EquityDip Buyer with High Net Cash % Equity
Buying dips for companies with significant net cash as a % of market cap along with meaningful cash flow generation
0.0%0.0%0.0%
SAH_2202026_Insider_Buying_GTE_1Mil_EBITp+DE_V202202026SAHSonic AutomotiveInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
-5.9%-5.9%-6.1%
MAT_2132026_Insider_Buying_GTE_1Mil_EBITp+DE_V202132026MATMattelInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
2.9%2.9%0.0%
SONO_2132026_Insider_Buying_GTE_1Mil_EBITp+DE_V202132026SONOSonosInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
-0.7%-0.7%-4.6%
DECK_2062026_Dip_Buyer_ValueBuy02062026DECKDeckers OutdoorDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
1.6%1.6%-0.8%

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

VSTDKRUSRAVEGTIMBTBDOPENMedian
NameVestand Kura Sus.Rave Res.Good Tim.BT BrandsOpendoor. 
Mkt Price0.2966.062.541.191.664.802.10
Mkt Cap0.00.80.00.00.04.20.0
Rev LTM1329212138144,37176
Op Inc LTM-3-731-1-277-2
FCF LTM0-2932-11,0371
FCF 3Y Avg-4-2732-19081
CFO LTM12134-01,0493
CFO 3Y Avg-31935-09334

Growth & Margins

VSTDKRUSRAVEGTIMBTBDOPENMedian
NameVestand Kura Sus.Rave Res.Good Tim.BT BrandsOpendoor. 
Rev Chg LTM39.3%16.3%1.1%-5.2%-4.2%-15.2%-1.5%
Rev Chg 3Y Avg25.8%24.8%3.0%-0.1%7.5%-32.1%5.3%
Rev Chg Q47.4%14.0%6.0%-10.0%-11.4%-32.1%-2.0%
QoQ Delta Rev Chg LTM10.2%3.2%1.4%-2.6%-3.4%-7.4%-0.6%
Op Mgn LTM-19.9%-2.4%28.1%0.6%-5.1%-6.3%-3.8%
Op Mgn 3Y Avg-34.6%-2.0%24.5%1.3%-8.0%-5.9%-3.9%
QoQ Delta Op Mgn LTM9.5%-0.7%0.2%0.2%3.5%-2.0%0.2%
CFO/Rev LTM6.8%7.2%24.8%2.6%-0.9%24.0%7.0%
CFO/Rev 3Y Avg-29.6%8.1%25.2%3.9%-2.0%15.4%6.0%
FCF/Rev LTM0.9%-9.9%24.5%1.2%-4.2%23.7%1.1%
FCF/Rev 3Y Avg-42.9%-10.8%24.6%1.4%-5.0%15.0%-1.8%

Valuation

VSTDKRUSRAVEGTIMBTBDOPENMedian
NameVestand Kura Sus.Rave Res.Good Tim.BT BrandsOpendoor. 
Mkt Cap0.00.80.00.00.04.20.0
P/S0.12.72.90.10.71.00.8
P/EBIT-0.7-213.010.422.7-20.4-3.6-2.1
P/E-0.6-199.912.712.1-10.9-3.2-1.9
P/CFO1.838.311.83.5-82.74.03.8
Total Yield-168.2%-0.5%7.9%8.3%-9.2%-31.1%-4.8%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg--3.3%7.7%9.3%-6.8%14.3%7.7%
D/E9.80.20.03.20.40.30.3
Net D/E9.00.2-0.32.9-0.10.10.1

Returns

VSTDKRUSRAVEGTIMBTBDOPENMedian
NameVestand Kura Sus.Rave Res.Good Tim.BT BrandsOpendoor. 
1M Rtn14.7%-6.2%-13.9%-0.2%28.7%-11.4%-3.2%
3M Rtn27.3%17.0%-22.8%2.4%15.3%-20.1%8.8%
6M Rtn-83.8%6.6%-26.4%-26.2%-11.7%-45.5%-26.3%
12M Rtn-79.9%28.0%-8.3%-51.5%24.8%324.8%8.3%
3Y Rtn-79.9%0.7%77.6%-56.0%-43.7%194.5%-21.5%
1M Excs Rtn20.9%0.9%-6.1%6.8%35.5%-3.5%3.9%
3M Excs Rtn35.7%27.2%-9.4%12.8%24.6%-15.4%18.7%
6M Excs Rtn-80.9%9.7%-21.9%-22.6%-3.7%-43.6%-22.3%
12M Excs Rtn-91.4%9.9%-19.1%-61.2%11.9%288.5%-4.6%
3Y Excs Rtn-141.7%-59.3%12.2%-118.6%-103.9%149.9%-81.6%

Comparison Analyses

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Financials

Short Interest

Short Interest: As Of Date3132026
Short Interest: Shares Quantity0.0 Mil
Short Interest: % Change Since 2282026-18.8%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest1
Basic Shares Quantity5.4 Mil
Short % of Basic Shares0.9%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202403/27/202510-K
09/30/202411/19/202410-Q
06/30/202408/19/202410-Q
03/31/202408/14/202410-Q
12/31/202304/01/202410-K
09/30/202311/14/202310-Q
06/30/202308/14/202310-Q
03/31/202305/10/202310-Q
12/31/202203/30/202310-K
09/30/202211/14/202210-Q
06/30/202209/12/2022424B4
03/31/202205/31/2022S-1/A
09/30/202102/09/2022S-1/A

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Chae, JamesDirectSell121220250.4425,00011,028946,987Form
2Chae, JamesDirectSell121220250.4315,0006,390908,167Form
3Chae, JamesDirectSell121220250.4315,8896,753899,261Form
4Chae, JamesDirectSell121020250.4110,0004,122895,275Form
5Chae, JamesDirectSell120120250.5740,00022,6161,236,349Form