Reborn Coffee Raises $6.5 Million in Private Placement of Common Stock
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Reborn Coffee Inc. has completed a private placement of common stock, raising $6.5 million to comply with Nasdaq’s Stockholders’ Equity Requirement. The company issued 1,192,661 shares at $5.45 each to accredited investor Charles Jeong. Additionally, Reborn Coffee exchanged 185,771 shares for the cancellation of outstanding warrants, eliminating approximately $1.3 million in derivative liability. The shares were issued under exemptions from registration as per the Securities Act.
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