SMART FOR LIFE INC - SMFL STOCK NEWS

Smart for Life (Nasdaq: SMFL) received an extension from the Nasdaq Hearings Panel until May 30, 2023, to meet compliance with listing requirements, including a $2.5 million stockholders' equity standard and a $1.00 minimum bid price. The notification, received on January 25, 2023, follows the company's hearing on January 19, 2023. This decision is bolstered by the successful conversion of approximately $2.5 million in debt to equity and plans for an Annual Shareholder meeting on March 15, 2023. CEO Darren Minton highlighted a commitment to an acquisition strategy aimed at achieving $100 million in revenue within the next year.

Smart for Life, Inc. (Nasdaq: SMFL) reported a transformative year in 2022, having raised $14.4 million from its IPO and completing five major acquisitions. The company anticipates exceeding $30 million in pro forma revenues, aiming for over $100 million in the next year and $300 million in three years. Significant achievements included a 59.1% year-over-year revenue increase in Q3 2022 and the launch of new product lines. Smart for Life's acquisition strategy and brand portfolio expansion position it for substantial growth in the health and wellness sector.

Smart for Life (Nasdaq: SMFL) announces the upcoming launch of Greens First protein bars in Q1 2023. This new product line features 15 grams of protein and is formulated with the Greens First PRO formula, incorporating 54 superfoods, organic fruits, and vegetables. The bars are low in sugar, high in fiber, and free from sucralose and preservatives. Flavors include Mint Chocolate Chip and Double Chocolate. Smart for Life aims to cater to health-conscious consumers looking for nutritious meal replacements.

Smart for Life, Inc. (Nasdaq: SMFL) has announced a $1 million private placement with accredited investors and the conversion of $2.5 million of debt to equity. The company issued 1,282,896 shares of common stock and prefunded warrants for an aggregate price of $1 million. Additionally, existing convertible debentures totaling $2,542,500 will be converted into shares, strengthening the company's capital structure and increasing shareholders' equity, critical for maintaining Nasdaq compliance. CEO Darren Minton stated these efforts align with their goal of reaching $100 million in annual revenue in 2023.

Smart for Life (Nasdaq: SMFL) announced its corporate headquarters relocation to Boca Raton, FL, to enhance operational efficiency and cost savings. The consolidation will unify multiple offices and a third-party fulfillment center under one roof, improving profitability and supporting future acquisitions.

CEO Darren Minton highlights the relocation as part of the M&A strategy, aiming for $100 million in annualized revenue by 2023. The move aligns with the company’s goals to streamline operations and leverage synergies from its various subsidiaries.

Smart for Life (SMFL) reported a significant 59.1% increase in Q3 2022 revenue, reaching $5.4 million, driven by its aggressive acquisition strategy. Year-to-date revenues grew by 194% to $14.1 million. The company achieved a gross profit margin of 49.1%, up from 42.6% last year. Despite these gains, it faced a net loss of $1.9 million for the quarter, improving from a loss of $2.4 million in Q3 2021. Smart for Life continues to integrate acquired businesses and expects to reach an annual revenue run rate exceeding $23 million.

Smart for Life, Inc. (Nasdaq: SMFL) has announced the appointment of Arthur S. Reynolds to its Board of Directors. Reynolds, an international financier with over 35 years of experience, will also serve as Chair of the Audit Committee. He brings a wealth of financial expertise and has previously held executive roles at major firms, including J.P. Morgan and Merrill Lynch. The company aims to leverage Reynolds' skills to enhance its global expansion following five significant acquisitions in the last year, with a goal of exceeding a $100 million revenue run rate within the next 12 months.

Smart for Life (Nasdaq: SMFL) announced a series of televised interviews featuring its Founder, A.J. Cervantes, Jr., and CEO Darren Minton. These interviews will air on Bloomberg and Fox Business, showcasing the company's rapid growth through five material acquisitions in the last year. Cervantes highlighted the company’s expanding product line in the Health & Wellness sector and its goal of reaching $300 million in revenue within the next three years. The segments will be available on multiple platforms, aiming to enhance investor engagement.