BranchOut Food Inc. (NASDAQ:BOF), a leading food technology company pioneering the next generation of natural fruit and vegetable snacks through its proprietary GentleDry™ process, today announced the pricing of a $2.5 million institutional investment consisting of 1,034,600 shares of common stock to be purchased by Bard Associates, Inc. The financing will strengthen BranchOut's working capital reserves and marks an important milestone in the company's growth. This investment is opportunistic for BranchOut, providing the company with the ability to bolster its balance sheet and fund key growth initiatives. Alexander Capital L.P. is acting as sole bookrunner for the offering.
"This financing is a powerful validation of our momentum and mission," said Eric Healy, CEO of BranchOut Food. "October was the best month in our company's history, with record revenue of $1.7 million, equivalent to a $20 million annualized run rate. With this capital, we will be well positioned to scale production and execution across our rapidly growing retail and ingredient channels."
Healy added, "We see significant growth ahead and are expanding our production facility early next year with the installation of our fourth large-scale production line, which strengthens BranchOut's position as the largest GentleDry™ operation in the world. In addition, we are transitioning from a made-to-order model to an inventory-based production strategy to reduce air shipping requirements, improve efficiency, and support larger retail programs. This capital will directly support those initiatives, funding both inventory build and critical capital expenditures."