Reborn Coffee Secures $1 Million Private Placement Equity Commitment from Chairman Farooq Arjomand, Catalyzing International Growth Initiatives
10 Janeiro 2024 - 6:01PM
Reborn Coffee, Inc. (NASDAQ: REBN) ("Reborn", or the "Company"), a
California-based retailer of specialty coffee, today announced a
substantial investment commitment from its Chairman, Farooq
Arjomand, demonstrating his confidence in the company's direction
and potential.
This move represents a significant endorsement
of the company's current valuation and growth prospects, coming at
a strategic time following the opening of Reborn’s flagship store
in Malaysia. This new venture opens a window of growth and
opportunities in Southeast Asia and precedes the company's planned
expansion into other vibrant markets, including Dubai.
Chairman Farooq Arjomand commented on his
investment, "My commitment to Reborn Coffee is more than just a
financial decision; it's confirmation of my belief in our mission
and vision for the future. The coffee market is evolving rapidly,
and I am confident that Reborn Coffee will continue to lead the way
with its innovative approaches and dedication to quality. This
investment is indicative of my confidence in our team and our
strategy as we continue to grow and make our mark in the industry.
The recent opening of our flagship store in Malaysia is just the
beginning of our expansion into Southeast Asia and I am optimistic
about the stronger earnings and opportunities this will bring for
2024."
This investment marks a pivotal moment for
Reborn Coffee as it continues to solidify its position as a leader
in the coffee industry. With this infusion of capital, the company
is poised to further enhance its product offerings, expand its
market reach, and continue to innovate in ways that resonate with
coffee lovers worldwide.
About Reborn Coffee
Reborn Coffee, Inc. (NASDAQ: REBN) is focused on
serving high quality, specialty-roasted coffee at retail locations,
kiosks, and cafes. Reborn is an innovative company that strives for
constant improvement in the coffee experience through exploration
of new technology and premier service, guided by traditional
brewing techniques. Reborn believes they differentiate themselves
from other coffee roasters through innovative techniques, including
sourcing, washing, roasting, and brewing their coffee beans with a
balance of precision and craft. For more information, please visit
www.reborncoffee.com.
Forward-Looking Statements
All statements in this release that are not
based on historical fact are “forward-looking statements.” While
management has based any forward-looking statements included in
this release on its current expectations, the information on which
such expectations were based may change. Forward-looking statements
involve inherent risks and uncertainties which could cause actual
results to differ materially from those in the forward-looking
statements, as a result of various factors including those risks
and uncertainties described in the Risk Factors and Management’s
Discussion and Analysis of Financial Condition and Results of
Operations sections of our recent filings with the Securities and
Exchange Commission (“SEC”) including our Form 10-Q for the first
quarter of 2023, which can be found on the SEC’s website at
www.sec.gov. Such risks, uncertainties, and other factors include,
but are not limited to, the Company’s ability to continue as a
going concern as indicated in an explanatory paragraph in the
Company’s independent registered public accounting firm’s audit
report as a result of recurring net losses, among other things, the
Company’s ability to successfully open the additional locations
described herein as planned or at all, the Company’s ability to
expand its business both within and outside of California
(including as it relates to increasing sales and growing Average
Unit Volumes at our existing stores), the degree of customer
loyalty to our stores and products, the impact of COVID-19 on
consumer traffic and costs, the fluctuation of economic conditions,
competition and inflation. We urge you to consider those risks and
uncertainties in evaluating our forward-looking statements. We
caution readers not to place undue reliance upon any such
forward-looking statements, which speak only as of the date made.
The Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as
required by law.
Contacts
Investor Relations Contact:Chris TysonExecutive
Vice PresidentMZ North AmericaREBN@mzgroup.us
949-491-8235
Company Contact:Reborn Coffee,
Inc.ir@reborncoffee.com
Reborn Coffee (NASDAQ:REBN)
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