Smart for Life Announces 1-for-3 Reverse Stock Split

Rhea-AI Summary

Smart for Life, Inc. (Nasdaq: SMFL) will undergo a 1-for-3 reverse stock split to maintain compliance with Nasdaq's minimum bid price requirement and attract investors. The split is also part of a strategic plan to support future acquisition financings.

Positive

• Smart for Life's reverse stock split aims to maintain compliance with Nasdaq's minimum bid price requirement and make the bid price more attractive to investors.
• The split is part of a larger strategic plan to support future acquisition financings, including multiple accretive acquisitions currently and prospectively in the Company's pipeline.

Negative

• None.

MIAMI, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Smart for Life, Inc. (Nasdaq: SMFL) (“Smart for Life” or the “Company”), a high growth global leader in the Health & Wellness sector marketing and manufacturing nutritional foods and supplements worldwide, announced that it will effect a 1-for-3 reverse stock split (“reverse split”) of its common stock, par value $0.0001 per share (“common stock”) and its authorized stock, that will become effective on October 27, 2023. Smart for Life’s common stock will continue to trade on The Nasdaq Capital Market (“Nasdaq”) under the symbol “SMFL” and will begin trading on a split-adjusted basis when the market opens on October 27, 2023. The new CUSIP number for the Common Stock following the reverse split will be 83204U509.

Among other considerations, the reverse split is intended to maintain the Company’s compliance with the minimum bid price requirement for maintaining the listing of its common stock on Nasdaq and to make the bid price more attractive to investors. In addition, the split is part of a larger strategic plan to support future acquisition financings, including multiple accretive acquisitions currently and prospectively in the Company’s pipeline.

About Smart for Life, Inc.

Smart for Life, Inc. (Nasdaq: SMFL) is engaged in the development, marketing, manufacturing, acquisition, operation and sale of a broad spectrum of nutritional and related products with an emphasis on health and wellness. Structured as a publicly held global holding company, the Company is executing a Buy-and-Build strategy with serial accretive acquisitions creating a vertically integrated company with an objective of aggregating companies generating a minimum of $300 million in revenues by the fourth quarter of 2026. To drive growth and earnings, Smart for Life is developing proprietary products as well as acquiring other profitable companies, encompassing brands, manufacturing and distribution channels. The Company currently operates five subsidiaries including Doctors Scientific Organica, Nexus Offers, Bonne Santé Natural Manufacturing, GSP Nutrition/Sports Illustrated Nutrition and Ceautamed Worldwide/Greens First. For more information about Smart for Life, please visit: www.smartforlifecorp.com.

Video regarding the Company’s manufacturing facility at Bonne Santé Natural Manufacturing is available at: www.bonnesantemanufacturing.com/video.

Investor material and a Fact Sheet with additional information about Smart for Life is available at: www.smartforlifecorp.com/investor-center.

Forward-Looking Statements

This press release may contain information about our views of future expectations, plans and prospects that constitute forward-looking statements. All forward-looking statements are based on management’s beliefs, assumptions and expectations of Smart for Life’s future economic performance, taking into account the information currently available to it. These statements are not statements of historical fact. Although Smart for Life believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Smart for Life does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law. No assurances can be made that Smart for Life will successfully acquire its acquisition targets. Forward-looking statements are subject to a number of factors, risks and uncertainties, some of which are not currently known to us, that may cause Smart for Life’s actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial position. Actual results may differ materially from the expectations discussed in forward-looking statements. Factors that could cause actual results to differ materially from expectations include general industry considerations, regulatory changes, changes in local or national economic conditions and other risks set forth in “Risk Factors” included in our filings with the Securities and Exchange Commission.

Investor Relations Contact

Crescendo Communications, LLC
Tel: (212) 671-1021
SMFL@crescendo-ir.com

FAQ

What is Smart for Life, Inc.'s stock symbol?

Smart for Life, Inc.'s stock symbol is SMFL.

When will the reverse stock split become effective?

The reverse stock split will become effective on October 27, 2023.

Why is Smart for Life, Inc. undergoing a reverse stock split?

The reverse stock split is intended to maintain compliance with the minimum bid price requirement for maintaining the listing of its common stock on Nasdaq and to make the bid price more attractive to investors.

What is the new CUSIP number for Smart for Life, Inc.'s Common Stock?

The new CUSIP number for the Common Stock following the reverse split will be 83204U509.

What is the purpose of the reverse stock split?

The purpose of the reverse stock split is to maintain compliance with Nasdaq's minimum bid price requirement and attract investors.

What is the strategic plan behind the reverse stock split?

The reverse stock split is part of a larger strategic plan to support future acquisition financings, including multiple accretive acquisitions currently and prospectively in the Company's pipeline.