BranchOut Food Inc. (NASDAQ:BOF) has secured an additional $750,000 loan from Kaufman Kapital LLC, according to a recent SEC filing.
The company also amended its existing 12% Senior Secured Convertible Promissory Note, originally issued in July 2024 with a principal of up to $3.4 million. The amendment caps Kaufman's ownership at 9.99% of outstanding shares upon conversion.
The new loan brings total borrowing from Kaufman to $3 million. Proceeds will fund working capital for customer order production.
The note matures January 28, 2027, with an 8% annual interest rate (note: conflicting rates in source; original says 12% for convertible note, but loan terms consistent with previous agreements). All assets secure the debt.
Standard covenants and events of default apply.
