Branch Out Food Co., Ltd.
BEND, Ore., June 28, 2024 (GLOBE NEWSWIRE) — BranchOut Food Inc. (NASDAQ: BOF) (“BranchOut” or the “Company”), a leading food technology company specializing in dried fruit and vegetable-based products, today announced that it has completed an underwritten public offering of 1,750,000 common shares at a public offering price of $0.80 per share. Gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses payable by the Company, are approximately $1,400,000. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 262,500 common shares at the public offering price less the underwriting discount.
The Company intends to use the net proceeds from this offering for working capital and general corporate purposes, including operating expenses and capital expenditures.
Alexander Capital LP acted as sole book-running manager for the offering. Pachulski Stang Ziehl & Jones, LLP acted as advisor to BranchOut. Sullivan & Worcester LLP acted as advisor to the underwriters.
The securities described above were offered by BranchOut pursuant to a registration statement on Form S-1, as amended (File No. 333-280428), which was declared effective by the U.S. Securities and Exchange Commission (“SEC”) on June 26, 2024. The offering was made only by means of a prospectus forming part of the effective registration statement. Copies of the final prospectus relating to the offering may be obtained from Alexander Capital LP, 10 Drs James Parker Boulevard #202, Red Bank, New Jersey 07701, Attn: Equity Capital Markets, by calling (212) 687-5650, by emailing info@alexandercapitallp.com, or by logging on to the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall it 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 any such state or jurisdiction. Any offer, solicitation or offer to buy or sale of the securities will be made pursuant to the registration requirements of the Securities Act of 1933, as amended.
About BranchOut Food Inc.
BranchOut is an international food technology company offering natural snacks and real superfood ingredients made possible by licensed dehydration technology protected by over 17 patents. BranchOut is proud to be a leading provider of high-quality dehydrated fruit and vegetable-based products, and its commitment to quality and innovation has set it apart as a trusted branded and private label supplier. For more information about BranchOut Food Inc. and its products, visit www.branchoutfood.com or follow us on LinkedIn and Twitter.
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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or predictions of future events. Forward-looking statements may be identified by the use of words such as “anticipate,” “intend,” “aim,” “target,” “project,” “believe,” “expect,” “estimate,” “plan,” “outlook,” “project” or other similar expressions that predict or indicate future events or trends or that are not statements of historical fact. Forward-looking statements regarding the intended use of the net proceeds from the offering, our operations and other aspects of our business are based on current expectations that are subject to known and unknown risks and uncertainties, and actual results or outcomes may differ materially from the expectations expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Although the Company may independently update or revise them from time to time, it undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
For further information, please contact:
Jeff Lamson
PCG Advisory
646-863-6893
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