Business
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
About this update from Reborn Coffee, Inc.
[{"type":"text","content":"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 [email protected] 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 loc...