BranchOut Food (NASDAQ:BOF) stock is taking off on Wednesday after the company announced its third contract with a major retailer in the U.S.
According to the company, this deal comes with a commitment of $300,000. That’s enough to push BranchOut Food’s annualized revenue above $8 million. It will also see the company’s frozen fruits come to more than 1,400 stores by September 2024.
BranchOut Food doesn’t name the retailer that it has signed these three contracts with. However, the company does claim that its partner is the nation’s largest retailer. It also notes this includes contracts with the nation’s largest club warehouse retailer. Both of these provide investors with hints about which company this is.
BranchOut Food CEO Eric Healy said the following about the contract:
“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.”
BOF Stock Movement Today
News of the contract brings with it extra attention to BOF stock. That has more than 84 million shares changing hands. This is a massive increase compared to BranchOut Food’s daily average trading volume of only about 72,000 shares.
BOF stock is up 84.2% as of Wednesday afternoon.
Investors looking for all of the latest stock market stories are in luck!
We have all of the hottest stock market happenings on Wednesday! Among that is what’s going on with SunPower (NASDAQ:SPWR) and Fisker (OTCMKTS:FSRN) layoffs as well as other news. You can catch up on all of these matters by checking out the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
