BREA, Calif., USA – Reborn Coffee, Inc., a California-based retailer of specialty coffee, today announced the closing of a non-brokered $1.0 million private placement investment from accredited investor, Mr. Scott Lee.
At the closing, the Company issued 444,445 shares of the Company’s common stock for gross proceeds of approximately $1,000,000 for a purchase price $2.25 per share. Reborn Coffee intends to use these proceeds for working capital and general corporate purposes.
Mr. Scott Lee is an “accredited investor,” as defined in Rule 501(a) of Regulation D under the Securities Act of 1933. Mr. Lee is currently the CEO of Walking Slow Entertainment and boasts an impressive track record of managing numerous Korean KOSDAQ-listed companies in South Korea. His extensive experience in the business landscape is matched by a forward-thinking vision that seeks to intertwine the coffee lifestyle with K-pop culture.
“This private equity investment allows Reborn Coffee to continue expanding its footprint both in the U.S. and internationally,” said Jay Kim, Chief Executive Officer of Reborn.
“This investment marks another inflection point for our Company as we continue to establish Reborn as a leader in the coffee industry. We believe Scott’s innovative approach to infuse Reborn Coffee with the universal appeal of K-pop to enhance the coffee-drinking experience and establish a unique cultural phenomenon in the industry is unparalleled.”
Further details regarding this private placement can be found in Reborn Coffee’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 29, 2024.
