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Natural foods company BranchOut Food (BOF), which specializes in dehydrated plant-based products, has downsized its proposed initial public offering to $8M from $9M.
In its latest filing, BranchOut said it is now considering offering 1.1M shares priced between $6 and $8, which would raise around $8M if priced at the midpoint. Underwriters would be granted a 45-day option to buy up to 165K additional shares at the IPO price to cover any over-allotments.
Earlier this month, BranchOut said it was looking to offer 1.25M shares priced between $6 and $8M. The company first filed in April, indicating that it was looking to raise around $12M.
The Oregon-based company hopes to list its shares on Nasdaq under the symbol BOF. Alexander Capital is serving as sole bookrunner.
Analyst Donovan Jones noted in a recent SA article that BranchOut’s auditors have raised several issues about the company, including its ability to continue as a going concern.
More on BranchOut Foods:
Natural foods maker BranchOut updates terms for downsized $9M IPO
