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BranchOut Food Secures $750K Orders with Largest Warehouse Club
BranchOut Food announced the first commercial orders for its new front-of-club Crunchy Fruit Chip Multipack line and shelf-stable Dried Cheesecake Bites with the nation's largest warehouse club retailer. Combined initial orders are about $750K. The Multipack order is about $500K and will ship later this year. It is the first commercial launch of the line and the company's first international warehouse club program, in Mexico. The packs are built for the retailer's front-of-club snack section rather than the grocery aisle. BranchOut makes five core crunchy fruit varieties and lets each regional buyer pick a three-flavor assortment. The Dried Cheesecake Bites order is about $250K and will launch as a seasonal holiday item in Texas. It is the first retail sale of the company's dairy snack platform. Management said other regions have already shown interest in both products.
BranchOut Food Prices 820,588 Share Public Offering at $3.40 Each
BranchOut Food announced the pricing of an underwritten public offering of 820,588 shares of its common stock at a public offering price of $3.40 per share. Gross proceeds to the Company, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $2.79M. All of the shares in the offering are to be sold by the company. Lake Street Capital Markets is acting as the representative of the underwriters for the offering. The offering is expected to close on or about August 28.
BranchOut Food Commences Underwritten Public Offering of Common Stock
BranchOut Food announced that it has commenced an underwritten public offering of shares of its common stock to multiple investors. All of the shares in the offering are to be sold by the company. Lake Street Capital Markets is acting as the representative of the underwriters for the offering
BranchOut Food Secures $2M Order from Second Largest Warehouse Club
BranchOut Food announced that the nation's second-largest warehouse club has placed an estimated $2M order for a new Tropical Mix multipack featuring its Crunchy Pineapple, Mango, and Banana Chips. The order comes just weeks after the retailer awarded BranchOut an estimated $8M annual everyday program for its Crunchy Fruit Chips. The Tropical Mix multipack will be shipped in December for placement in clubs beginning in January.
BranchOut Food Secures $8M Sales Agreement with Warehouse Club
BranchOut Food announced that the nation's second-largest warehouse club has confirmed everyday placement of the Company's Crunchy Fruit Chips following a highly successful May rotation. The product will transition to everyday status in 309 clubs starting in September, representing approximately $8M in expected incremental annual revenue for BranchOut. Throughout the May rotation, the product consistently performed at the highest end of the retailer's velocity thresholds, demonstrating strong member demand for differentiated Crunchy Fruit Chips made possible by BranchOut's proprietary GentleDry technology. The retailer is also evaluating a second item, a Tropical Mix multipack featuring mango, pineapple, and banana, for rotational testing early next year. If successful, the launch would further expand BranchOut's presence with one of the nation's largest retailers while validating the Company's ability to repeatedly develop innovative products enabled by its proprietary GentleDry technology. Management expects the incremental revenue and consistent production volume from this program to enable BranchOut to achieve positive operating cash flow. Combined with the Company's growing pipeline of new products and customers, management believes this marks an important inflection point as BranchOut transitions from investing in its manufacturing platform to leveraging it for sustained profitable growth. In connection with the production ramp-up for the new everyday program, BranchOut has entered into a $1.0M non-convertible working capital loan with Kaufman Kapital. The loan bears interest at 8% per annum and contains no conversion feature, warrant coverage, equity-linked consideration, or registration rights. Proceeds are expected to be used primarily to fund raw material purchases and support increased production volumes associated with the new program. The loan is separate from, and does not amend or modify, the Company's existing convertible note with Kaufman Kapital.
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