Reborn Coffee Inc. (Nasdaq: REBN) said it will open four new Orange County locations by the first quarter of next year.
The Brea-based specialty coffee retailer plans to open a store in central Irvine, a kiosk at the Intersect office complex in Irvine and a location in Huntington Beach by the fourth quarter of this year. A new Mission Viejo location at the Shops at Mission Viejo will open the first quarter of next year, according to company officials.
Reborn also plans to open a new location in an outlet mall that has more than 15 million annual shoppers in the Riverside County town of Cabazon.
“Supported by new capital from our recent IPO, we are rapidly expanding our retail footprint to 14 strategic locations to serve our high quality, specialty-roasted coffee in shopping plazas and upscale areas,” Jay Kim, Reborn CEO, said in a statement. “Looking ahead, we are aggressively moving forward on our pipeline of new company-owned locations in California, as well as plans to expand outside of California.”
Reborn went public in August at $8.80 per share, raising $7.2 million in proceeds.
Following the announcement, shares in the company fell 4.3% to $1.46 per share and a $17 million market cap.
