Coffee chain Reborn Coffee (NASDAQ:REBN), which went public last Friday, saw its stock tumble 19% in afternoon trading Monday.
Shares of Reborn opened at $4.31, hitting a low of $3.58 and a high of $4.55. The stock recently changed hands at $3.87 at approximately 2:45 p.m. ET.
On Friday, Reborn priced 1.4M shares at $5 per share, raising approximately $7M. The shares soared to a high of $12.45, before retreating to close at $4.80.
The coffee chain currently operates several stores in California. Reborn differentiates itself from other coffee purveyors by using magnetized water to wash coffee beans and for its cold brewing process.
For a more in-depth look at Reborn, check out SA contributor Donovan Jones’s “Reborn Coffee Seeks $40M IPO for Growth”.
Image and article originally from seekingalpha.com. Read the original article here.