Home » Stryve Foods Inc. Closes $35M In Private Offering

Stryve Foods Inc. Closes $35M In Private Offering


Plano, Texas-based Stryve Foods Inc. has officially closed a private placement. 

The private placement consisted of 2,496,934 shares of its Class A common stock, in lieu of common stock, 7,797,184 pre-funded warrants to purchase shares of common stock at an exercise price of $0.0001 per share and 10,294,118 accompanying warrants immediately exercisable to purchase shares of common stock for a period of five years at an exercise price of $3.60 per share, pursuant to a securities purchase agreement between the company and certain institutional investors. 

The common stock and warrants were sold at a combined purchase price of $3.40. The company received gross proceeds from the offering of approximately $35 million before deducting placement agent fees and estimated offering expenses.

A resale registration statement relating to the common stock and the shares of common stock issuable upon the exercise of the pre-funded warrants and the warrants will be filed with the Securities and Exchange Commission.

Craig-Hallum Capital Group LLC acted as the exclusive placement agent for the offering. Northland Capital Markets served as a financial advisor to the company.

“With our recently announced wins regarding the distribution gains at Costco, Walmart and 7-Eleven among others on the horizon, not only will this capital support our near-term growth, but it will also be key as we seek to advance our plans for a second facility and greatly expanding our capacity,” said Joe Oblas, CEO of Stryve.

“We are paving the way for the growth of our brands in the future and are excited to be in a position to progress our mission of helping America snack better,” he said.

The company intends to use the net proceeds from the offering for working capital to support near term growth, capital expansion projects, including potentially increasing manufacturing capacity and capabilities by building manufacturing facilities and other improvements, and general corporate purposes.

The securities sold in the offering have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements.

Stryve is a healthy snacking and food company that manufactures, markets and sells products that Stryve believes can disrupt traditional snacking and CPG categories. Stryve offers products that are lower in sugar and carbohydrates and higher in protein than other snacks and foods.

Stryve’s current product portfolio consists primarily of air-dried meat snack products marketed under the Stryve, Kalahari, Braaitime and Vacadillos brand names. 

Its all-natural, air-dried meat snack products are made of beef and spices, are never cooked, contain zero grams of sugar and are free of monosodium glutamate, gluten, nitrates, nitrites and preservatives. As a result, Stryve’s products are keto and paleo diet friendly. 

Stryve distributes its products in major retail channels, primarily in North America, including grocery, club stores and other retail outlets, as well as directly to consumers through its e-commerce websites and through the Amazon platform.

For more information, visit stryve.com.

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