Reborn Coffee, a premium coffee roaster with nine cafe stores in California, raised $7 million by offering 1.4 million shares at $5. The company had originally filed to offer 1.2 million shares.
Concurrently, selling shareholders are registering 1.8 million shares, which may be offered and sold from time to time after the company's shares have begun trading on the Nasdaq.
Reborn Coffee serves specialty-roasted coffee at retail locations, kiosks, and cafes. The company sells various products such as whole bean coffee, pour over packs, and cold brew packs, and it serves its coffee at company-owned stores through cold brew taps, espresso-made drinks, and other brew methods. Reborn Coffee currently operates nine stores throughout California, and expects to open a new location by the end of 2022. Its retail locations generated approximately $445,000 in average unit volume in 2021.
The Brea, CA-based company plans to list on the Nasdaq under the symbol REBN. EF Hutton acted as sole bookrunner on the deal.
