NEW YORK — Private equity company EF Hutton, LLC has made a bid to purchase all outstanding common stock of Laird Superfood, Inc., Sisters, Ore. The unsolicited offer proposed a purchase price of $3 per share in cash.
Targeting consumers who want functionality from their food, Laird offers products that provide health benefits in addition to nutrition. From coffee, creamers and drink mixes to supplements and snack bars, each item includes ingredients that can increase energy and relaxation, improve cognition or decrease inflammation, according to the company.
Laird’s stock price opened at $2.25 per share prior to the bid’s announcement Aug. 18, closing the day at $2.75 per share. Share prices have declined steadily over 2022 for Laird, down 86% from August 2021. The company recorded a loss of $4.9 million during the first six months of fiscal 2022, continuing a string of losses in 2021 and 2020 of $23.9 million and $14.5 million, respectively.
Laird declined to comment on the bid outside of confirming its details, stating its board of directors will review the proposal. It is unclear whether Laird Hamilton, the surfing celebrity and founder of the company, will continue as the spokesperson for the brand should the bid be accepted.