Announcement
BranchOut Food Inc. (NASDAQ: BOF) disclosed that it has commenced an underwritten public offering of its common stock. The announcement was made on Wednesday, and in after‑hours trading the shares declined 17.1%.
Offering Details
The offering will be underwritten, with Lake Street Capital Markets, LLC acting as the representative of the underwriters. The company has granted the underwriters a thirty‑day option to purchase up to an additional fifteen percent of the shares sold in order to cover any over‑allotments.
Use of Proceeds
BranchOut stated that the net proceeds from the offering will be allocated to working capital, operating expenses and capital expenditures.
Conditions
The offering is subject to market and other conditions, and the company provided no assurance that the offering will be completed, nor disclosed the final size or terms of the transaction.
Business Overview
BranchOut Food develops, manufactures, markets and distributes clean‑label, plant‑based dried fruit and vegetable snacks. It employs its proprietary GentleDry dehydration technology, which is intended to preserve the nutrition, quality and taste of fresh produce, and supplies branded, ingredient and private‑label customers.
Publication Note
The article was generated with the support of artificial intelligence and reviewed by an editor.