Reborn Coffee surges after upsized IPO

Reborn Coffee

12/08/2022 16:39

** Reborn Coffee Inc  REBN.O  surges in debut on Fri after
IPO upsized
    ** REBN opens at $8.80, jumps as high as $12.45 and halted a
few times for volatility
    ** Stock last up 72.0% at $8.60 on 2,364,535 shares of
trading volume
    ** California-based specialty coffee retailer sold 1.44 mln
shares, up from targeted 1.2 mln, at $5 for $7.2 mln raise
 urn:newsml:reuters.com:*:nGNX1ZS3sx
    ** Existing shareholders will register to sell 1.8 mln
shares, which may be offered from time to time after closing of
the IPO
    ** Reborn currently operates nine company-owned stores and
its retail locations generated ~$445,000 in avg unit volume in
2021
    ** It reported $2.3 mln in total rev and net loss of $3.4
mln in 2021, per SEC prospectus filing https://www.sec.gov/Archives/edgar/data/1707910/000121390022045759/ea164026-s1a6_reborn.htm#z_001a
    ** EF Hutton, division of Benchmark Investments, sole
bookrunner for the IPO

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))