BOF BranchOut Food Inc

BranchOut Food Inc. (NASDAQ: BOF), a food technology company and maker of dehydrated fruit and vegetable-based products, today announced that it has completed the sale of $225,000 of Senior Secured Promissory Notes ("Notes") and Warrants to purchase an aggregate of 56,250 shares of the Company’s common stock. Each Warrant is exercisable for a ten-year period at an exercise price of $2.00 per share. The Company has board approval to borrow up to $2,000,000 of Notes. The current balance of Notes after this close is $625,000.

The proceeds from this transaction are earmarked for working capital to fulfill orders throughout 2024, as well as capital expenditures on new dehydration equipment, which are necessary to meet the increasing customer demand projected for 2025 and beyond. The Company believes that the completion of this financing will provide it with the necessary resources to execute on its growth strategy, substantial momentum in new orders, and drive long-term shareholder value.

The sale was made to a group of seven investors pursuant to a First Amendment to Subscription Agreement dated April 15-16, 2024. The transaction was conducted in accordance with Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) promulgated thereunder.

The Notes mature on the earlier of December 31, 2024, or the occurrence of a Qualified Subsequent Financing or Change of Control, and bear interest at a rate of 15% per annum. The Notes are secured by liens on substantially all of the Company’s assets pursuant to the terms of a Security Agreement entered into by the Company on January 10, 2024, in favor of holders of the Notes.

In connection with the transaction, the Company also increased the aggregate principal amount of Notes available to be sold from time to time under the Subscription Agreement from $400,000 to $2,000,000, and increased the number of shares of common stock of the Company available to be issued under Warrants sold from time to time under the Subscription Agreement from 100,000 to 600,000. The current balance of Notes upon this close is $625,000.

About BranchOut Food Inc.BranchOut Food is an international food-tech company delivering truly great natural snacks and real superfood ingredients enabled by its licensed dehydration technology. The company’s GentleDry Technology is the next generation in dehydration technology, preserving up to 95% of the original nutrition of fresh fruits and vegetables. BranchOut’s technology is protected by more than 17 patents. BranchOut Food is proud to be a leading provider of high-quality dehydrated fruit and vegetable-based products and its commitment to quality and innovation sets it apart as a trusted brand and private label supplier. For more information about BranchOut Food Inc. and its products, please visit www.branchoutfood.com and follow us on LinkedIn and Twitter.

Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts of future events. Forward-looking statements may be identified using words such as "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate", "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements with respect to the operations of BranchOut Food, Inc., (the Company) strategies, prospects and other aspects of the business of the Company are based on current expectations that are subject to known and unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from expectations expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Although it may voluntarily do so from time to time, the Company undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

For more informationJeff RamsonPCG Advisory
646-863-6893
jramson@pcgadvisory.com