Special Brew
In a revised filing with the Securities and Exchange Commission, the company recently said it would offer its common shares in a $17-million IPO. The original plan, as per a disclosure made in the final weeks of last year, was to offer units comprising one common share and one warrant.
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It has applied to list on the Nasdaq stock exchange under the symbol REBN, which will be managed by EF Hutton as the underwriter. Other details like the number of shares and offer price are yet to be announced.
Reborn Coffee bets on its innovative processes — ranging from sourcing to washing and roasting to brewing – to gain an edge over the legacy coffee companies. The management is looking to grow into new markets through franchising, starting this year. In the initial phase, new retail locations will be opened outside California and the network will be expanded across the country gradually.
The proceeds from the IPO will be mainly used for expanding the store network, and the target is to open 20 company-operated outlets within a year from the completion of the offering. The company expects to achieve the goal by ramping up the portfolio, sourcing directly from farms, and allowing customers to choose how the menu is served to them.
In Expansion Mode
The growth initiatives would require heavy investment, which will be funded using available cash and by raising additional capital through public and private offerings. However, Reborn’s prospects would depend a lot on how the pandemic situation evolves. In the last two years, operations were significantly impacted by COVID-related movement restrictions and muted consumer sentiment.
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In the fiscal year ended December 2021, Reborn generated $2.28 million in revenues, sharply higher than the $0.79 million it recorded in the previous year. However, the company incurred a higher loss of $3.44 million compared the $1.07 million in 2020. At the end of the year, it operated seven company-owned retail locations.