It's been a month of milestones for BranchOut Food Inc. (NASDAQ: BOF). Last week, they launched to the NasdaqCM with a roughly 1.2 million share IPO. Yesterday, they scored a second. Pre-market on Tuesday, BOF announced scoring a major deal with Walmart (NYSE: WMT) to supply multiple dehydrated fruit items to 2,250 of the retailer’s stores or about 50% of their national locations.
This agreement should be considered more than another milestone reached; it’s better described as a catalyst. And it should send revenues appreciably higher faster than many expected. Not just from Walmart. Remember, when one retail giant signs a deal, others tend to follow, especially when it involves game-changing products similar to those that BranchOut Foods brings to the markets. BOF management is bullish on the deal, saying in its release they expect the agreement to do more than strengthen the company’s presence in the mainstream retail market; it’s expected to generate a substantial percent increase in revenue and profitability.
This deal expands on an already strong collaborative relationship with Walmart. And the better news going forward is that the success of this relationship has laid the foundation for further expansion and growth opportunities. In fact, BranchOut Food Inc. noted working on a second project to supply several additional items across 100% of Walmart’s stores, intending to make its wide range of dehydrated fruit and vegetable products available to customers in every corner of the country. Additional details of this second project will be announced soon.
A Major Revenue-Generating Deal With Walmart
Ahead of that, the WMT deal provides plenty of substance to excite investors. BranchOut certainly is. Eric Healy, CEO of BranchOut Food Inc., said, “We are honored and excited to have been awarded this major supplier contract with Walmart.” He added, “This contract not only represents a significant milestone for our company, but it also highlights the growing demand for our healthy, convenient snacks. We are proud to be offering Walmart’s customers our premium dehydrated fruit products, and we look forward to continuing to build on this success.” With shipments to stores starting last May, BOF’s growth, revenue-generating momentum, and expansion of this deal can happen sooner than later.
Notably, BOF highlights that the WMT collaboration is the first of several similar projects with multiple prominent national retailers that BranchOut Food Inc. has secured. These contracts are set to be announced in the near future, and should expedite BOF’s mission to expand its presence in the retail market, delivering innovative and wholesome products to a wider audience.
The milestone on Tuesday follows one from last week. On Friday, BranchOut Food Inc. announced the pricing of its underwritten initial public offering of 1,190,000 shares of common stock at an initial public offering price of $6.00 per share. The gross proceeds from the offering, before underwriting discounts and commissions and estimated offering expenses payable by the Company, are expected to be approximately $7,140,000. In addition, the Company has granted the underwriters a 45-day option to purchase up to 178,500 additional shares of common stock at the initial public offering price, less the underwriting discounts.
Shares are trading on The Nasdaq Capital Market under the ticker symbol “BOF”.
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