BranchOut Food (NASDAQ: BOF) stock soared nearly 80% in intraday trading Wednesday after the company announced its third contract with a top U.S. retailer.
BranchOut Food (NASDAQ: BOF), a leading food tech company, recently announced that it has inked a third contract with the nation’s largest retailer.
The new contract comes with a substantial commitment valued at $300,000, contributing to the company’s growing revenue stream. With this latest agreement, the total annualized commitments from the retailer now surpass $8.0 million annually.
This new deal will also facilitate the distribution of BranchOut Food’s frozen fruits across more than 1,400 stores by September 2024.
BranchOut Food has refrained from disclosing the retailer’s name with whom it has secured these three contracts. However, it has provided valuable hints to investors. The company mentioned that its partner is the nation’s largest retailer, and it includes contracts with the nation’s largest club warehouse retailer. These clues offer insight into the identity of the retail giant involved in these significant agreements.
Eric Healy, CEO of BranchOut Food, expressed enthusiasm regarding the new contract, emphasizing the company’s commitment to fostering strong relationships with leading retailers. He stated,
“We are excited to announce BranchOut Food has signed its third contract with the nation’s largest retailer, highlighting our growing relationship. BranchOut’s private label offering is a key segment of our business and we are very pleased to be adding contracts with leading retailers across the country, adding long term value for stakeholders.”
BranchOut Food (NASDAQ: BOF) Stock Price Action
At the time of this report, BOF stock is trading at $2.08, marking a 77.78% increase from the previous trading session. This week, it has seen a surge in value of 79.31%. Trading activity has seen 107,077,653 (107.07 million) shares change hands, significantly higher than the average daily volume of 1.78 million.
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