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Kura Sushi Keeps New CFO’s Equity Award a Secret
Restaurant operator leaves CFO’s equity award agreement blank following a potential shelf offering equal to nearly one third of the company’s market capitalization.
January 6, 2023
Investors punished Kura Sushi USA, Inc. (KRUS), an operator of 40 Japanese cuisine restaurants, sending shares down approximately 15% after its latest earnings release. The plunge slashed the company’s market cap to approximately $400 million, making the $125 million shelf registration offering filed over the holiday break, even more significant.
Notably, the company is not being transparent about the equity award given to its new CFO. Jeff Uttz, a self-proclaimed C-level executive and board member, doesn’t even include his new role at Kura on his LinkedIn profile (as of January 6, 2023)
Uttz was appointed CFO four months ago.
In its latest quarterly filing, Kura attached Uttz’s employment agreement and the restricted stock award (RSU) agreement associated with Uttz. Investors have no idea how much Uttz stands to make though as the company left the document blank. Uttz’s employment agreement directs investors to the blank RSU agreement to learn more.
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