BREA, California, USA – Reborn Coffee, Inc., 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 Reborn Coffee, Inc. 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 syndicate@efhuttongroup.com or telephone at (212) 404-7002.
