Reborn Coffee (NASDAQ: REBN) stock surged about 85% in intraday trading on Wednesday, driven by news of a major expansion into the Chinese market via a strategic Master License Agreement with IAID Co.
California-based specialty coffee retailer Reborn Coffee (REBN) recently announced the expansion of its operations into the Chinese market. The company has inked a strategic Master License Agreement with IAID Co., Ltd., a visionary architectural and interior design consulting firm, to facilitate this expansion.
The agreement involves establishing a flagship location in Guangzhou #73, a prime area in a historic district renowned for its bustling tourist activity. This flagship location will serve as a comprehensive brand center, likely showcasing Reborn Coffee’s products and brand ethos. In addition, it will act as a launching pad for further expansions into other major Chinese cities such as Shanghai and Shenzhen.
The collaboration combines Reborn Coffee’s expertise in retail coffee operations with IAID Co., Ltd.’s prowess in lifestyle design. Together, they aim to revolutionize the coffee culture in China, particularly in the dynamic Guangdong Province, home to over 127.06 million residents.
Jay Kim, CEO of Reborn Coffee Inc., said the following about the partnership,
“This joint venture with IAID Co., Ltd. is a significant step forward in our strategic endeavors to introduce Reborn Coffee’s distinctive coffee culture to new geographies.”
Reborn Coffee (NASDAQ: REBN) Stock Reaction
REBN stock soared 84.39% to close at $3.19 on Wednesday. Its value increased by 121.53% this week. Trading activity has witnessed 109,955,800 (109.95 million) shares changing hands, well above the average daily volume of 1.91 million.
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