09:10 AM EDT, 07/16/2024 (MT Newswires) -- Reborn Coffee ( REBN ) said Tuesday it signed a memorandum of understanding to acquire Korean bakery brand Bbang Ssaem Bakery.

Reborn Coffee ( REBN ) said it plans to integrate Bbang Ssaem Bakery's retail operations in South Korea and the US, adding that the bakery's proprietary dough technology would be "instrumental in supporting Reborn Coffee's ( REBN ) future franchise expansions."

"This MOU is backed by significant outside investment aimed at expanding Reborn Coffee's ( REBN ) capabilities and market reach," Reborn Coffee ( REBN ) said.

Financial details of the proposed acquisition were not disclosed.

Shares of the company were up 13% in recent Tuesday premarket activity.

Price: 5.95, Change: +0.71, Percent Change: +13.55