Coffee chain Reborn Coffee ( REBN ) has downsized its proposed initial public offering to $18M from $40M.
In its latest filing, Reborn said that it is now proposing to offer 15M shares , but did not disclose the price range. A filing fee schedule, however, indicated the company was looking to raise up to $18M.
Reborn said in a filing in April that it was looking to offer up to 15M units , with each unit consisting of one share plus one warrant to buy one share. While the pricing was not disclosed, a filing fee schedule showed that the company was proposing to raise up to $17M through the share offering and an additional $23M through the exercise of warrants.
The company hopes to list its shares on Nasdaq under the symbol REBN. EF Hutton is serving as bookrunner.
Based in California, Reborn currently operates 9 company-owned stores with another slated to open later this year. The company also has plans to start franchising stores.
Reborn differentiates itself by using magnetized water to wash green coffee beans prior to roasting, which it says helps extract impurities and increase bean hydration. It also uses magnetized water for its cold brewing process.
For a more in-depth look at Reborn, check out SA contributor Donovan Jones’s “Reborn Coffee Seeks $40M IPO for Growth”.
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Reborn Coffee downsizes proposed IPO by 55% to $18M