BranchOut Food completed the sale of an additional 441,176 shares after the underwriters fully exercised their option to buy more stock in the company’s public offering. The sale closed on October 29 and brought the offering’s total size to 3,382,353 shares.
At $1.70 per share, the expanded offering raised about $5.75 million in gross proceeds, before underwriting discounts, commissions and offering expenses.
Key details
- The initial offering, which closed on October 26, sold 2,941,177 shares at $1.70 each.
- The underwriters’ option added 441,176 shares and about $750,000 in additional gross proceeds.
- The underwriters exercised the option in full. It had allowed them to purchase additional shares to cover over-allotments.
- The company did not provide a net-proceeds figure or specify how it will use the proceeds in this announcement.
Implications
The offering increases BranchOut’s share count, diluting existing shareholders’ ownership proportionally. The announcement does not describe any change in control or governance.