Reborn Coffee, Inc.

Reborn Coffee, Inc. filed an amendment to its Form 8-K, disclosing that Jay Kim resigned from all his positions, including Co-Chief Executive Officer, Chief Financial Officer, and Director, effective June 4, 2026. The company appointed Jung Jae Lim, who previously served as Co-Chief Executive Officer, as interim Chief Financial Officer and Principal Accounting Officer, effective June 15, 2026. Mr. Lim has also assumed full responsibilities as Chief Executive Officer.

Reborn Coffee, Inc. announced the appointment of Jung Jae Lim as Chief Executive Officer, effective immediately. This follows Jay Kim stepping down from his role as Co-Chief Executive Officer on June 4, 2026. Mr. Lim, who previously served as Co-CEO and Director since March 2026, brings over 20 years of leadership experience in logistics and supply chain management. The Board expressed full confidence in Mr. Lim and affirmed that this transition will not impact the Company's operations, expansion plans, or financial reporting obligations.

Reborn Coffee, Inc. announced the appointment of Thomas Tran as Chief Operating Officer and Chief Technology Officer. This move aims to strengthen the leadership team and support the company's next phase of operational discipline, technology integration, and global licensing expansion. Mr. Tran brings over 25 years of experience in building technology-enabled businesses, with expertise in omni-channel commerce, AI workflows, and scalable operating systems, which is expected to enhance Reborn's retail operations and international growth initiatives.

Reborn Coffee, Inc. reported a net loss of $(1.49) million for the three months ended March 31, 2026, an improvement from a net loss of $(2.19) million in the prior year period. Total net revenues significantly increased by 207% to $5.21 million, driven by new service and license income streams. However, the company disclosed substantial doubt about its ability to continue as a going concern, citing an accumulated deficit of $32.5 million and the current quarter's net loss. Cash and cash equivalents also saw a sharp decline to $266,382 from $2.59 million at the end of 2025.

Reborn Coffee, Inc. entered into a Securities Purchase Agreement on April 29, 2026, for a private placement to raise aggregate gross proceeds of $21 million. The company will issue up to 10,500,000 shares of common stock at $2.00 per share in two closings. The first closing will generate $2.8 million, while the second, subject to stockholder approval, will raise up to $18.2 million. Proceeds will fund flagship store expansion, brand development, working capital, and enhance operational capabilities.

Reborn Coffee Inc. reported a 37% increase in full-year 2025 revenue, reaching $8.1 million, driven by new service and license income streams. The company also announced the appointment of Jung Jae Lim as Co-Chief Executive Officer and successfully regained compliance with Nasdaq's minimum stockholders' equity requirement. These developments, along with increased cash reserves and strategic licensing agreements, indicate strong operational and financial progress.

Reborn Coffee, Inc. has filed its annual report on Form 10-K for the fiscal year ended December 31, 2025. The company confirmed its status as a non-accelerated filer and a smaller reporting company. As of June 30, 2025, the aggregate market value of its common stock held by non-affiliates was approximately $10.9 million.

Reborn Coffee, Inc. entered into an Amended and Restated Forbearance Agreement with Arena Investors on April 15, 2026. This agreement amends the previous forbearance agreement from March 31, 2026, and restructures the repayment plan for the outstanding 10% Original Issue Discount Secured Convertible Debentures. The company committed to an initial payment of $400,000 to Arena Investors and $25,000 for legal expenses by April 30, 2026, followed by monthly payments of $400,000 starting May 30, 2026.

Reborn Coffee's 8-K filing reveals a potential default on its convertible debentures issued to Arena Investors. The delay stems from a dispute over the timing and manner of payment of 30% of the gross cash proceeds received from a previous equity issuance to Charles Joeng, which Arena Investors is entitled to under the debenture agreement. This could negatively impact Reborn Coffee's financial stability and potentially lead to further legal or financial complications.

Reborn Coffee's 8-K filing reveals a potential obligation to redeem a portion of its outstanding debentures held by Arena Investors. This obligation stems from a prior equity issuance to Charles Joeng, triggering a clause in the debenture agreement that allows Arena Investors to demand up to 30% of the gross proceeds be used for debt redemption, potentially impacting Reborn Coffee's cash flow and financial flexibility.