"Ikinari Steak" Restaurant Operator to Quit Nasdaq
New York, June 14 (Jiji Press)--Japan's Pepper Food Service Co. <3053>, which runs the "Ikinari Steak" restaurants, said Friday its American depositary receipts will be delisted from the U.S. Nasdaq stock market by autumn.
Pepper Food made its Nasdaq debut in September last year, becoming the first Japanese restaurant chain to do so. The company aimed to increase its awareness in the United States through the listing.
Pepper Food has judged that "it does not make business sense to remain listed on the Nasdaq market" as the company is struggling in the United States, the company said.
The company will stay listed on the Tokyo Stock Exchange's first section.
Pepper Food opened its first Ikinari Steak outlet in New York in 2017 and increased the number of restaurants there, following a huge success of the Ikinari Steak chain in Japan.
[Copyright The Jiji Press, Ltd.]