BUZZ-Microcap BranchOut Food drops after stock offering prices
BOF•Stock falls after follow-on pricing
- Dehydrated fruits and vegetables products producer BranchOut Food's BOF.O shares were down 4.7% at $3.67 premarket after the follow-on priced.
- BOF announced 820,588 shares at $3.40 for gross proceeds of about $2.79 million.
- The offering price represents an 11.7% discount to the stock's last sale on Wednesday.
Use of proceeds and trading context
- Bend, Oregon-based BOF, which has about 15.3 million shares outstanding, intends to use net offering proceeds for working capital and general purposes.
- Lake Street Capital Markets is leading the offering.
- BOF shares closed down 3% on Wednesday, trimming the year-to-date gain to 21%.
- The stock is very thinly traded; 30-day average volume is about 21,000 shares and 90-day average volume is about 70,000 shares, according to LSEG data.
