Reborn Coffee Inc., a leading specialty coffee company, has converted $1.0 million of outstanding debt held by its Vice Chairman, Dennis Egidi, into common equity. The company secured a $1.0 million credit facility with DRE, Inc., owned and controlled by Egidi, to fund working capital requirements and operating expenses. DRE agreed to exchange the outstanding balance of $1,000,000 for 1,666,667 shares of common stock at a price per share equal to $0.60 per share. The company also granted DRE piggyback registration rights with regard to the Exchange Shares. The conversion reflects a significant vote of confidence for Reborn’s team and reduces its debt by $1.0 million. CEO Jay Kim believes this conversion will strengthen the company’s financial structure and signal a promising future for Reborn. The conversion rate of $0.60 per share also indicates the company’s current valuation and potential for growth in the coffee market.
Read More @ Yahoo