Reborn Coffee, Inc. Announces Closing of Upsized $7.2 Million Initial Public Offering
Brea, California, Aug. 16, 2022 (GLOBE NEWSWIRE) — Reborn Coffee, Inc. (Nasdaq: REBN) (“Reborn”, or the “Company”), a California-based retailer of specialty coffee, today announced the closing of its previously announced upsized initial public offering of 1,440,000 shares of its common stock at a public offering price of $5.00 per share, for aggregate gross proceeds of approximately $7.2 million before deducting underwriting discounts, commissions, and other offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 216,000 shares of common stock at the public offering price per share, less the underwriting discounts and commissions, to cover over-allotments, if any.
The Company’s common stock began trading on the Nasdaq Capital Market on August 12, 2022, under the symbol “REBN”.
The Company intends to use the net proceeds from the offering to open new company-owned retail locations, develop a franchise program and for general corporate purposes.
EF Hutton, division of Benchmark Investments, LLC, acted as sole book-running manager for the offering.
A registration statement on Form S-1 (File No. 333-261937) was filed with the Securities and Exchange Commission (“SEC”) and was declared effective on August 11, 2022, and a registration statement on Form S-1MEF (File No. 333-266805), was filed with the SEC on the same date and became effective upon filing. A final prospectus relating to the offering was filed with the SEC and is available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus relating to this offering, when available, may be obtained from EF Hutton, division of Benchmark Investments, LLC, 590 Madison Avenue, 39th Floor, New York, NY 10022, Attention: Syndicate Department, or via email at syndicate@efhuttongroup.com or telephone at (212) 404-7002.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Reborn Coffee, Inc.
Reborn Coffee, Inc. is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks and cafes. Reborn is an innovative company that strives for constant improvement in the coffee experience through exploration of new technology and premier service, guided by traditional brewing techniques. Reborn believes they differentiate themselves from other coffee roasters through innovative techniques, including sourcing, washing, roasting, and brewing their coffee beans with a balance of precision and craft.
For more information, please visit www.reborncoffee.com.
Forward Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
For further information, please contact:
Investor and Media Contact
Reborn Coffee, Inc.
ir@reborncoffee.com
