Brea, California, Aug. 11, 2022 (GLOBE NEWSWIRE) — Reborn Coffee, Inc. (Nasdaq: REBN) (“Reborn”, or the “Company”), a California-based retailer of specialty coffee, today announced the pricing of its 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, Reborn 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 shares are expected to begin trading on the Nasdaq Capital Market on August 12, 2022, under the ticker symbol “REBN” and the offering is expected to close on or about August 16, 2022, subject to satisfaction of customary closing conditions.
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, is acting as sole book-running manager for the offering.
A registration statement on Form S-1 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…
