BEND,
Ore., June 21, 2023 /PRNewswire/ -- BranchOut
Food Inc. (NasdaqCM: BOF) ("BranchOut" or the "Company"), an
emerging natural food brand with a licensed technology platform
that enables manufacturing and marketing of plant-based dehydrated
foods, today 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.
Advisor Details
Alexander Capital L.P. acted as sole
book-running manager and Spartan Capital Securities, LLC acted as
manager for the offering. Parr Brown Gee & Loveless P.C. and
the law office of Rowland Day served
as co-counsel to BranchOut. Sullivan & Worcester LLP served as
counsel to the underwriters.
The securities described above are being offered by BranchOut
pursuant to a registration statement on Form S-1, as amended (File
No. 333-271422) that was declared effective by the U.S. Securities
and Exchange Commission (the "SEC") on June
15, 2023. The offering is being made only by means of a
prospectus forming a part of the effective registration statement.
A copy of the final prospectus related to the offering, when
available, may be obtained from Alexander Capital L.P., 17 State
Street 5th Floor, New
York, NY 10004, Attention: Equity Capital Markets, or by
calling (212) 687-5650 or emailing
info@alexandercapitallp.com or by logging on to the SEC's
website at www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, and shall not
constitute an offer, solicitation or sale in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of that state or jurisdiction. Any offers,
solicitations or offers to buy, or any sales of securities will be
made in accordance with the registration requirements of the
Securities Act of 1933, as amended.
About BranchOut Food Inc.
BranchOut is an emerging
natural food brand with a licensed technology platform that enables
the manufacturing and marketing of plant-based dehydrated foods.
BranchOut has licensed rights from an independent third party to a
new dehydration technology designed for drying and processing
highly sensitive fruits and vegetables such as avocados, bananas
and others. Using the licensed technology platform, the company
believes its line of branded food products speak to current
consumer trends. BranchOut also believes that its licensed
technology platform and process is the only way to produce quality
avocado- and banana-based snack and powdered products compared to
conventional drying and dehydration technologies. With more than 17
patents registered or pending in 14 countries, BranchOut has been
granted the exclusive rights to use the licensed technology
platform as applied to avocados and nonexclusive rights to use the
licensed technology platform for other products. For more
information, visit www.branchoutfood.com.
Forward-Looking Statements
This press release includes
statements that may be deemed to be "forward-looking statements"
under federal securities laws, and we intend that such
forward-looking statements be subject to the safe-harbor created
thereby. To the extent that the information presented in this press
release discusses financial projections, information, or
expectations about our business plans, results of operations,
products or markets, or otherwise makes statements about future
events, such statements are forward-looking. Such forward-looking
statements can be identified by the use of words such as "should",
"may," "intends," "anticipates," "believes," "estimates,"
"projects," "forecasts," "expects," "plans," and "proposes."
Specific forward-looking statements in this press release include,
among others, statements regarding the expected trading of our
shares on The Nasdaq Capital Market, the expected closing of the
offering, and the intended use of the net proceeds of the offering.
Although we believe that the expectations reflected in these
forward-looking statements are based on reasonable assumptions,
there are a number of risks and uncertainties that could cause
actual results to differ materially and adversely from such
forward-looking statements. You are urged to carefully review and
consider any cautionary statements and other disclosures, including
the statements made under the heading "Risk Factors" and elsewhere
in documents that we file from time to time with the SEC.
Forward-looking statements speak only as of the date of the
document in which they are contained, and BranchOut does not
undertake any duty to update any forward-looking statements except
as may be required by law. References and links to websites have
been provided as a convenience, and the information contained on
such websites is not incorporated by reference into this press
release.
For more information contact:
info@branchoutfood.com
Phone: 1-801-532-7840
Logo -
https://mma.prnewswire.com/media/2107719/BranchOut_Food_Logo.jpg
View original content to download
multimedia:https://www.prnewswire.com/news-releases/branchout-food-announces-closing-of-initial-public-offering-301856882.html
SOURCE BranchOut Food Inc.