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Sow Good Inc. (symbol: SOWG) is an innovative U.S.-based company specializing in the manufacturing and marketing of freeze-dried fruits, vegetables, snacks, smoothies, and soups. The company also offers gluten-free granola products under the Sow Good brand. Using proprietary freeze-drying technology, Sow Good has successfully created a new subcategory of confectionaries known as freeze-dried candy, transforming traditional treats into novel and exciting everyday snacks.
The company recently celebrated a significant milestone by uplisting its shares to the Nasdaq Capital Market as of May 2, 2024. This strategic move is expected to boost institutional investor interest, market visibility, and liquidity, while enhancing long-term shareholder value.
In addition to its Nasdaq uplisting, Sow Good also completed an underwritten public offering that raised $13.8 million in gross proceeds. These funds will support ongoing production expansion and broader growth initiatives, aiming to strengthen the company's leadership in the freeze-dried candy and treats category.
Further, on April 15, 2024, Sow Good issued approximately 2.2 million shares of its common stock in connection with the exercise of warrants issued between December 2021 and May 2023. This move reduced the company's debt by $5.2 million and increased common equity by nearly $5.3 million, showcasing its solid financial condition.
Looking ahead, Sow Good is committed to continuous innovation and excellence in manufacturing. The company plans to expand its B2B customer base and retail presence while advancing product innovation. These efforts are aimed at maintaining and growing its market presence and ensuring high-quality standards in all its food products.
Sow Good (Nasdaq: SOWG) reported strong Q1 2024 results, showcasing a 20% sequential revenue increase to $11.4 million. The company also transitioned to Nasdaq trading on May 2, 2024. Production capacity grew, with a fifth freeze drier operational and a sixth on track. Revenue and gross profit saw significant year-over-year gains, supported by expanded production capacity and increased market demand. However, gross margin declined to 40.6% from 57.8% due to higher costs. Operating expenses rose to $3.7 million, but net income reached $510.6K, reversing a previous loss. Sow Good also closed a public offering, raising $13.8 million.
Sow Good Inc. (Nasdaq: SOWG) exercised its overallotment option from a public offering, with underwriters purchasing 180,000 additional shares at $10.00 per share, resulting in gross proceeds of approximately $13.8 million. The offering was managed by Roth Capital Partners and Craig-Hallum, with a registration statement declared effective by the SEC on May 1, 2024.
Sow Good Inc. (Nasdaq: SOWG) will host a conference call on May 15, 2024, to discuss its first quarter results. The company is a leader in the freeze dried candy and treat industry.
Sow Good Inc. announced its uplisting from OTCQB to Nasdaq with the pricing of a $12 million public offering, consisting of 1.2 million shares at $10.00 per share. The offering, expected to close on May 6, 2024, aims to raise gross proceeds for general corporate purposes, such as expansion and debt reduction. The approval to list on Nasdaq was received on May 1, 2024, with trading set to begin on May 2, 2024.
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