Yoshitsu Co., Ltd. Announces Closing of Approximately $4.0 Million Registered Direct Offering and Private Placement

Tokyo, Japan, Jan. 30, 2024 (GLOBE NEWSWIRE) -- Yoshitsu Co., Ltd (“Yoshitsu” or the “Company”) (Nasdaq: TKLF), a retailer and wholesaler of Japanese beauty and health products, sundry products, luxury products, electronic products, as well as other products in Hong Kong, mainland China, Japan, North America, and the United Kingdom, announced today the closing of its previously announced registered direct offering of 5,970,152 American Depositary Shares (“ADSs”) with certain institutional investors, at a purchase price of $0.67 per ADS. In the concurrent private placement, the Company also issued to the same investors ADS purchase warrants. The warrants have an exercise price of $0.67 per ADS, are exercisable immediately, and will expire 5.5 years following the date of issuance.

Maxim Group LLC acted as the sole placement agent in connection with the offering.

The gross proceeds to Yoshitsu Co., Ltd. were approximately $4,000,000 before deducting the placement agent fees and other offering expenses.

The offering was made pursuant to an effective shelf registration statement on Form F-3 (File No. 333-274076) previously filed with the U.S. Securities and Exchange Commission ("SEC"), which was declared effective on September 8, 2023. The securities were offered only by means of the prospectus supplement and the accompanying prospectus that form a part of the registration statement. Copies of the final prospectus supplement and accompanying prospectus relating to the registered direct offering may be obtained, by contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Prospectus Department, or by telephone at [phone] or by email at [e-mail]. The final prospectus supplement related to the offering has been filed with the SEC and may be obtained free of charge by visiting the SEC's website at www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.