Royal Hawaiian Orchards is seeking to expand its branded macadamia nut product line by raising $9 million in a rights offering extended to the company's stockholders.
Hilo-based Royal Hawaiian Orchards (Other OTC: NNUTU) is looking to transition from being a macadamia nut producer to a snack food company, President and CEO Scott Wallace said in a statement.
"Our strategy is to capitalize on consumers' views of nuts as an upscale healthy snack that can command prices above traditional mass-marketed products," Wallace said, noting that the company's products have no artificial ingredients or genetically-modified organisms, are gluten-free and contain no sulfites, issues that resonate with many consumers. "We are leveraging the existing nutritional properties inherent in tree nuts in our line of macadamia-based foods."
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