Business
Reborn Coffee Announces Completion of Private Placement of Convertible Note
Strategic Investment Reflects Strong Confidence in Reborn Coffee’s Growth Prospects and Expands Capital Structure BREA, Calif., Aug. 29, 2024 (GLOBE NEWSWIRE)
About this update from Reborn Coffee, Inc.
[{"type":"text","content":"Strategic Investment Reflects Strong Confidence in Reborn Coffee’s Growth Prospects and Expands Capital Structure BREA, Calif., Aug. 29, 2024 (GLOBE NEWSWIRE) -- Reborn Coffee Inc. (Nasdaq: REBN) (“Reborn Coffee” or the “Company”), _a leading player in the specialty coffee industry, today announced an investment of $500,000 through a convertible note issued to Quen Inno Tech Co., Ltd. The convertible note is convertible into shares of Reborn Coffee’s common stock at a price equal to $3.36 per share. The convertible note accrues interest at an annual rate of 0%; however, the interest rate will increase to an annual rate of 10% upon the occurrence of an event of default. This strategic investment highlights the growing confidence in Reborn Coffee's business model and future growth prospects. The investment by Quen Inno Tech Co., Ltd. is a strong vote of confidence for the company's vision and operational strength. Jay Kim, Chief Executive Officer of Reborn Coffee, commented, \"This investment further strengthens our capital structure and supports our ongoing expansion efforts both domestically and internationally. The conversion rate of $3.36 per share reflects a favorable outlook for Reborn Coffee and the promising trajectory of our business.\" This press release shall 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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. About Reborn Coffee Reborn Coffee, Inc. (NASDAQ: REBN) 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 All statements in this release that are not based on historical fact are “forward-looking statements.” While management ...