Coffee chain Reborn Coffee (REBN) has filed to raise up to $40M through an initial public offering.
Reborn said in a filing that it intends to offer 15M units, with each unit consisting of one share plus one warrant to buy one share at 125% the public price. The price range was not disclosed, but Reborn indicated it hoped to raise up to approximately $40M in total.
The company has applied to list its shares on Nasdaq under the symbol REBN. EF Hutton is serving as bookrunner.
For 2021, Reborn reported a net loss of $3.4M on revenue of $2.3M.
Reborn, which currently operates seven stores in California, said it plans to open 40 more company-owned stores in 2022. It also intends to begin franchising stores this year.
The company differentiates itself from competitors by using magnetized water to wash green coffee beans before roasting, which it says helps extract impurities and enhance hydration of the beans. Reborn also uses magnetized water for its propriety cold brewing process.