NEW YORK — Better Choice Company announced June 29 an underwritten initial public offering (IPO) of 8 million shares of common stock at $5 per share on the New York Stock Exchange (NYSE). It has also granted underwriters a 30-day option to purchase up to 1.2 million additional shares of common stock.
The company will appear on the NYSE under the ticket symbol “BTTR.”
The company, which owns Halo and TruDog brands of pet food, treats and supplements, hopes to raise $40 million from the IPO. It will use those funds for “general corporate purposes,” including the acquisition of technologies, products or complimentary businesses.
Better Choice Company first shared plans for its IPO in May, at which point it planned to offer 4.5 million shares starting at $0.001 per share on the NYSE, according to a filing with the United States Securities and Exchange Commission (SEC) dated May 21.
Better Choice is a part of the OTCQX tier of OTC Markets Group Inc. stocks, where as of June 30 it was selling at $4.34 per share.
On June 14, Better Choice also announced it had expanded its sales predictions through its key distribution partners in Asia through 2025. The company now expects to sell more than $100 million in pet food and treat products to several distributors in China, Korea and Japan, focused largely on its Halo brand. Halo sales grew 95% in Asian markets in 2020, with sales of the brand in China representing nearly half (48%) of total Asian sales.
"We are incredibly excited to build upon and solidify already strong long-term relationships with our distribution partners in Asia,” said Scott Lerner, chief executive officer of Better Choice. “Having trusted partners that stand behind what we represent as a brand has proven to be a key catalyst for growth historically and going forward. With the formal extension of these contractual relationships, we can invest with confidence in our international supply chain, plan long term marketing initiatives and bring innovative new products slated for launch in the U.S. to our international customers.”
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