BranchOut Food Inc., an emerging natural food brand with a licensed technology platform that enables manufacturing and marketing of plant-based dehydrated foods, announced the closing of its underwritten initial public offering of 1,190,000 shares of common stock at an initial public offering price of $6.00 per share. The gross proceeds from the offering, before underwriting discounts and commissions and estimated offering expenses payable by the company, are $7,140,000. In addition, the company has granted the underwriters a 45-day option to purchase up to 178,500 additional shares of common stock at the initial public offering price, less the underwriting discounts.
The shares began trading on The Nasdaq Capital Market on June 16, 2023 under the ticker symbol "BOF".
The company intends to use the net proceeds of the initial public offering for repayment of indebtedness, working capital and general corporate purposes, including operating expenses and capital expenditures.
