Reborn Coffee exchanges $1M loan note for 1,666,667 shares at $0.60/share

Reborn Coffee, Inc.

Exchange with DRE, Inc. (controlled by Vice Chairman Dennis Egidi) eliminates $1,000,000 outstanding balance including interest.
Issued 1,666,667 shares of common stock at $0.60 per share; shares are unregistered restricted securities.
DRE granted piggyback registration rights covering the exchanged shares; no underwriter or demand registration included.
Transaction classified as related-party; Egidi serves as Vice Chairman of Reborn Coffee's Board.
Shares issued under Section 4(a)(2) and Regulation D Rule 506(b) exemption; no public offering.

item 1.01 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Reborn Coffee, Inc. entered into Exchange Agreement with DRE, Inc. (effective 2023-11-28).

Action: entry
Agreement: equity purchase
Counterparty: DRE, Inc.
Effective: 2023-11-28

Exact text from the filing

On November 28, 2023, the Company entered into an exchange agreement (the “Exchange Agreement”) with DRE. Pursuant to the Exchange Agreement, HNRA agreed to exchange, in consideration of surrender and termination of the Loan Note , with an outstanding balance (including interest accrued thereon) of $1,000,000, for 1,666,667 shares of common stock

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Reborn Coffee, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-091069

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