Reborn Coffee issues $800K convertible note and warrant to EF Hutton YA Fund; net $720K

Reborn Coffee, Inc.

Net proceeds of $720,000 after 10% original issue discount and $36K advisory fee to EF Hutton LLC.
Note matures May 20, 2025; 0% interest (18% on default); monthly installments start Aug 15, 2024.
Holder may convert outstanding into common stock at $2.29 per share; company may redeem early at 15% premium.
Warrant for 175,000 shares at $2.29, exercisable for 5 years; cashless exercise if no registration by Aug 15, 2024.
Company grants registration rights and agrees not to enter variable rate transactions while note is outstanding.

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