Microcap BranchOut Food drops on stock offering plans
BOF•Shares fall after proposed equity raise
** Dehydrated fruits and vegetables products producer BranchOut Food's BOF.O shares down 8.8% at $3.51 premarket after equity raise news
** BOF late Weds kicked off stock offering to multiple investors; deal size not disclosed
** Co intends to use net proceeds for working capital, general purposes
** Bend, Oregon-based BOF has ~15.3 mln shares outstanding for roughly $60 mln market cap
** Lake Street Capital Markets leading proposed offering
** BOF shares closed down 3% on Weds, trimming YTD gain to 21%
** Stock is very thinly traded; 30-day avg volume is about 21,000 shares and 90-day avg is about 70,000 shares, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
