Reborn Coffee (NASDAQ:REBN) stock is up on Wednesday after the coffee chain announced a new licensing agreement that will expand its business into China.
According to a press release from the company, it signed this Master License Agreement with interior design and consulting firm IAID. The agreement will see the California-based company launch a flagship location in Guangzhou #73.
Reborn is hoping to replicate the success it has seen in Malaysia in Guangzhou. That will see it working with IAID to develop a fourth-wave coffee presence in the country that appeals to the tastes of the over 127 million people in the province.
Reborn Coffee CEO Jay Kim said this about the expansion agreement:
“We are fully dedicated to ensuring our expansion into China becomes a landmark success. 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.”
REBN Stock Market Movement on Wednesday
Investors are celebrating the expansion news by buying up more shares of REBN stock today. That brings with it heavy trading as some 82 million units change hands as of this writing. This is a massive surge in trading volume compared to the company’s daily average of about 133,000 shares.
REBN stock is up 93% as of Wednesday morning.
Investors will find even more of the most recent stock market stories ready to go below!
We have all of the hottest stock market happenings worth reading about on Wednesday! Among that is what has shares of AMC Entertainment (NYSE:AMC), Reddit (NYSE:RDDT) and DoubleVerify (NYSE:DV) stock moving today. You can catch up on this news below!
More Wednesday Stock Market News
- Dear AMC Stock Fans, Mark Your Calendars for May 16
- Needham Just Raised Its Price Target on Reddit (RDDT) Stock
- Why Is DoubleVerify (DV) Stock Down 39% Today?
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
