Reborn Coffee, Inc. Announces Pricing of Upsized $7.2 Million Initial Public Offering
August 11 2022 - 6:42PM
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 the
same date and became effective upon filing. A final prospectus
relating to the offering will be filed with the SEC and will be
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 StatementsThis
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
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