California coffee company comes to market

Reborn Coffee has completed its $7,200,000 initial public offering on the NASDAQ.

Reborn was advised by international law firm K&L Gates, while Benchmark Investments subsidiary EF Hutton was the sole book-running manager for the offering, which closed on August 16. Due to high demand for the shares, the offering size was increased to 1.44 million shares at a price of $5 per share, resulting in gross proceeds of USD 7.2 million, excluding underwriting discounts, commissions, and other offering expenses. Reborn has also granted the underwriters an option to purchase up to 216,000 additional shares within 45 days at the same price, excluding underwriting discounts and commissions, in order to cover potential over-allotments.

Reborn was founded in 2015 in Brea, Orange County, California, and had expanded to seven company-operated premium coffee outlets in Southern California by the end of 2021. It also supplies retailers, kiosks, and cafes with branded coffee. Reborn plans to use the proceeds from the offering to expand its company-operated retail locations, establish and expand its franchising program, and for general corporate purposes.

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