BREA, Calif., USA – Reborn Coffee, Inc., a California-based retailer of specialty coffee, today announced the closing of its previously announced non-brokered $1 million private placement investment from its Chairman, Farooq Arjomand.
At the closing, the Company issued 1,666,667 shares of the Company’s common stock for proceeds of $1,000,000 for a purchase price $0.60 per share. Reborn Coffee intends to use these proceeds for working capital and general corporate purposes.
“This private equity investment by our Chairman, Farooq Arjomand, reflects his commitment to Reborn Coffee’s mission and vision for the future,” said Jay Kim, Chief Executive Officer of Reborn.
“This capital investment marks a pivotal moment for Reborn Coffee as we continues to solidify our position as a leader in the coffee industry, having just recently opened our flagship store in Malaysia and marking the beginning of our international expansion into Southeast Asia and beyond.
With this investment of capital, the Company is poised to further enhance its product offerings, expand its market reach, and continue to innovate in ways that resonate with coffee lovers worldwide.”
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 January 17, 2024.
