09:58 AM EST, 11/06/2024 (MT Newswires) -- Reborn Coffee ( REBN ) said Wednesday it has acquired a 58% stake in South Korean chain Bbang Ssaem Bakery.

Financial terms were not disclosed.

The acquisition, which follows a recent memorandum of understanding between the two companies, will provide a base to enter South Korea's franchise sector, Reborn Coffee ( REBN ) said.

Bbang Ssaem Bakery has 31 locations across South Korea and had trailing twelve months revenue of about $7 million through November, the company said.

Reborn Coffee ( REBN ) shares were up 2.4% in recent trading.

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