Reborn Coffee, Inc. (REBN) plans to raise $6 million in an initial public offering (IPO) during the week of August 15, reports IPO Scoop. The Company will issue 1,200,000 shares at a price of $5.00 per share.
For the trailing twelve months, Reborn Coffee, Inc. posted revenue of $2.3 million and a net loss of $3.4 million. Reborn Coffee, Inc. has a market capitalization of $64.4 million.
EF Hutton acted as underwriter for the IPO.
Reborn Coffee, Inc. provided the following description of their company for its IPO: “(Note: Reborn Coffee updated its IPO in an S-1/A filing dated August 1, 2022 with new terms: 1.2 million shares each $5.00 to raise $6.0 million.) (**Note: Concurrent with the IPO: Selling shareholders also register 1.8 million shares (1,824,246 shares), which may be sold from time to time, after shares of Reborn Coffee have traded on the NASDAQ. The Company will not receive any proceeds from the sale of the shares of the selling shareholders. (Note: **This IPO will consist of only common shares. However, the Company has also agreed to issue warrants to the representatives of the underwriters.**Additionally, please see the note at the end of this IPO profile regarding the Company’s previous IPO filings.) Reborn Coffee focuses on serving high qualityi gem, specially roasted coffee at nine company-owned retail locations, kiosks and coffee shops. We serve customers in our retail locations in Brea, La Crescenta, Glendale, Corona Del Mar, Arcadia, Laguna Woods, Riverside, San Francisco and Manhattan Beach, with Huntington Beach under development. Additionally, we expect to begin franchising and developing additional retail locations in 2022 as we expand outside of California. We are an innovative company striving to constantly improve the coffee experience through research into new technologies and superior service, guided by traditional brewing techniques. We believe Reborn differentiates itself from other coffee roasters through its innovative techniques including sourcing, washing, roasting and brewing our coffee beans with a balance of precision and craftsmanship. Jay Kim has been the CEO of Reborn Coffee since the company was founded in 2014. Reborn Coffee was founded in 2015. (See page 46 of the prospectus). From Mr. Kim’s biography in the prospectus: “On July 1, 2007, Mr. Kim founded Wellspring Industry, Inc., which created the yogurt distribution company “Tutti Frutti” and the bakery-cafe franchise “O’My Buns”. Tutti Frutti grew to around 700 agents worldwide offering self-service frozen yogurt. Mr. Kim sold a majority stake in Wellspring to a group of investors in 2017 to focus on Reborn Coffee.” The source of coffee defines specialty coffee. The coffee industry has gone through the first, second, third and fourth waves – from coffee blends and blends of robusta and arabica coffee beans in the first and second waves to single source and one type of coffee bean (particularly arabica). the third wave. Single origin beans can be concentrated in specific countries and even specific regions like Coban in Guatemala. Arabica beans are considered a leader due to the specific requirements for their growth and the high quality flavor they produce. Arabica coffee must be grown at higher, cooler elevations. Unlike other coffee companies, the Reborn Wash Process is key to creating the clean flavor of our coffee. Our washing process features the use of magnetized water to wash our green coffee beans when they arrive at the Reborn facility to extract impurities and enhance hydration prior to the roasting process. Magnetizing water is a process that transforms the water particles, which can naturally occur in different sizes, into particles of the same size. As a result of this process, we believe the water increases its hydration and ability to absorb organic matter. Our water is created by a water magnetizing device in which water is passed through the device and the water is magnetized on site just prior to use. After washing, we roast our washed green beans based on each origin’s profile. After the coffee beans have been roasted, they are packaged into various products such as: B. coffee beans, pour-over packs and cold brew packs. These products can be purchased online at the company’s website. In addition, whole bean stock is also shipped to our retail locations, kiosks and coffee shops. Some of the roasted coffee is also used to make our award-winning cold brew concentrate. Our Cold Brew production is made using a proprietary percolation technique, which also uses magnetized water at each step to enhance the cold brew’s flavor. **Note: In 2021 we had approximately $2.3 million in revenue and a net loss of $3.4 million, compared to 2020 revenue of $793,000 and a net loss of 1 $.1 million. **Note: In 2021, each retail location generated an average unit volume (AUV) of approximately $445,000. (Note on Previous SEC Filings: Reborn Coffee revised its IPO in a July 21, 2022 S-1/A filing by deleting the number of shares. In a June 28 S-1/A filing In 2022, Reborn Coffee revised its IPO, removing warrants and stating that it now plans to offer 15 million shares; no pricing terms were disclosed. Reborn Coffee filed its S-1 on December 29, 2021.)”.
Reborn Coffee, Inc. was founded in 2015 and has 75 employees. The company is located at 580 N. Berry Street, Brea, CA 92821 and can be reached by phone at (714) 784-6369 or online at http://www.reborncoffee.com/.
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