Reborn Coffee (NASDAQ: REBN), a California-based retailer of specialty coffee, has closed on its previously announced upsized initial public offering; the offering was comprised of 1,440,000 shares of REBN common stock at $5per share. According to the announcement, the offering resulted in aggregate gross proceeds of approximately $7.2 million before underwriting discounts, commissions and other offering expenses are deducted. The announcement also stated that Reborn has granted the underwriters a 45-day option to purchase up to 216,000 additional shares of common stock; those shares will be available at the public offering price minus the underwriting discounts and commissions to cover any overallotments. Reborn anticipates using the net proceeds from the offering to open new retail locations as well as develop a franchise program; funds may also be used for general corporate purposes.
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About Reborn Coffee Inc.
Reborn Coffee 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 it can differentiate itself from other coffee roasters through innovative techniques, including sourcing, washing, roasting and brewing its coffee beans with a balance of precision and craft. For more information, please visit www.RebornCoffee.com.
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