Reborn Coffee Faces Delisting Concerns
Ticker: REBN · Form: 8-K · Filed: Jun 26, 2024 · CIK: 1707910
| Field | Detail |
|---|---|
| Company | Reborn Coffee, Inc. (REBN) |
| Form Type | 8-K |
| Filed Date | Jun 26, 2024 |
| Risk Level | high |
| Pages | 4 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, compliance, regulatory
TL;DR
Reborn Coffee might get delisted, big trouble for the stock.
AI Summary
Reborn Coffee, Inc. filed an 8-K on June 21, 2024, to report a notice of delisting or failure to satisfy a continued listing rule. The company, formerly known as CAPAX INC., is incorporated in Delaware and has its principal executive offices in Brea, California.
Why It Matters
This filing indicates potential issues with Reborn Coffee's continued listing on an exchange, which could impact its stock trading and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting directly threatens the company's ability to remain publicly traded, posing a significant risk to investors.
Key Numbers
- 001-41479 — SEC File Number (Identifies the company's filing with the SEC.)
- 47-4752305 — IRS Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- Reborn Coffee, Inc. (company) — Registrant
- CAPAX INC. (company) — Former company name
- June 21, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- Brea, CA (location) — Principal executive offices
FAQ
What specific listing rule or standard has Reborn Coffee, Inc. failed to satisfy?
The filing does not specify the exact rule or standard that Reborn Coffee, Inc. has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is June 21, 2024.
What was Reborn Coffee, Inc. previously named?
Reborn Coffee, Inc. was formerly named CAPAX INC.
In which state is Reborn Coffee, Inc. incorporated?
Reborn Coffee, Inc. is incorporated in Delaware.
What is the address of Reborn Coffee, Inc.'s principal executive offices?
The principal executive offices of Reborn Coffee, Inc. are located at 580 N. Berry Street, Brea, CA 92821.
Filing Stats: 1,078 words · 4 min read · ~4 pages · Grade level 12.4 · Accepted 2024-06-26 16:30:14
Key Financial Figures
- $0.0001 — nge on which registered Common Stock, $0.0001 par value per share REBN The Nasdaq
Filing Documents
- ea0208557-8k_reborn.htm (8-K) — 35KB
- ea020855701ex99-1_reborn.htm (EX-99.1) — 14KB
- ex99-1_001.jpg (GRAPHIC) — 3KB
- 0001213900-24-056186.txt ( ) — 227KB
- rebn-20240621.xsd (EX-101.SCH) — 3KB
- rebn-20240621_lab.xml (EX-101.LAB) — 33KB
- rebn-20240621_pre.xml (EX-101.PRE) — 22KB
- ea0208557-8k_reborn_htm.xml (XML) — 3KB
01 Notice of
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On June 21, 2024, Reborn Coffee, Inc., a Delaware corporation (the "Company") received a staff determination letter (the "Letter") from the Nasdaq Listing Qualifications Staff (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that because it has not yet filed its Form 10-Q for the fiscal year ended March 31, 2024 (the "Filing"), Nasdaq has determined that the Company has failed to comply with the filing requirement set forth in Listing Rule 5250(c)(1) (the "Determination"). As previously announced on May 15, 2024, the Company was required to dismiss BF Borgers CPA PC as the Company's independent registered public accounting firm. The Company was required to engage a new independent registered public accounting firm in order to complete and file the Form 10-Q. On May 14, 2024, the Audit Committee approved the engagement of BCRG Group ("BCRG") as the Company's new independent registered public accounting firm. Due to the timing of the appointment of BCRG, the Company was unable without unreasonable effort and expense to complete the review of the Company's financial statements for the quarter ended March 31, 2024 before the required filing date for the Quarterly Report on Form 10-Q. A Nasdaq Hearings Panel (the "Panel") had previously placed the Company on a Discretionary Panel Monitor for a period of one year or until May 16, 2025 after the Company regained compliance with previous Nasdaq listing deficiencies, which would require the Staff to issue a Delist Determination Letter in the event that the Company failed to maintain compliance with any continued listing requirement (the "Panel Monitor"). The Letter explains that ordinarily, Nasdaq listed companies may be provided up to 60 calendar days to submit a plan to regain compliance, and that if the plan is accepted, Staff may grant an exception of up to 180 calendar days from
01 Other Events
Item 8.01 Other Events On June 26, 2024, the Company issued a press release announcing its receipt of the Letter from the Staff. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (a) Not applicable (b) Not applicable (c) Not applicable (d) Exhibits. Exhibit No. Description 99.1 Press Release 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: June 26, 2024 REBORN COFFEE, INC. By: /s/ Jay Kim Name: Jay Kim Title: Chief Executive Officer 3