Smart for Life Provides an Update on Nasdaq Listing
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.
- Extension until May 30, 2023, to meet Nasdaq compliance.
- Successful debt-to-equity conversion of approximately $2.5 million.
- Commitment to a high-growth acquisition strategy targeting $100 million in revenue.
- Need to regain compliance with Nasdaq's listing standards raises concerns.
Company’s Successful Hearing with Nasdaq Hearings Panel Results in Extension until May 30, 2023 to Regain Compliance
MIAMI, Feb. 01, 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 today that the Company received a notification letter from The Nasdaq Stock Market LLC (“Nasdaq”) on January 25, 2023, notifying the Company that the Nasdaq Hearings Panel (“Panel”) has granted an exception from two continued listing standards, Nasdaq’s stockholders’ equity requirement of
As previously disclosed, on December 5, 2022, the Company requested a hearing with the Panel, which was held on January 19, 2023. As a result of the Panel’s decision, the Company now has until May 30, 2023 to regain compliance with the Equity Rule and the Bid Price Rule.
This news was preceded by the Company’s successful conversion of approximately
“We are very pleased with the Panel’s decision to grant us an extension to regain compliance,” stated Darren Minton, Smart for Life’s Chief Executive Officer. “We are continuing to implement our high-growth acquisition strategy and have several potential acquisitions in the pipeline. We have a strong track record of acquiring complementary businesses at attractive valuations and continue to grow toward our goal of
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
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.
Disclaimer
The information provided in this press release is intended for general knowledge only and is not a substitute for professional medical advice or treatment for specific medical conditions. Always seek the advice of your physician or other qualified health care provider with any questions you may have regarding a medical condition. This information is not intended to diagnose, treat, cure or prevent any disease.
Investor Relations Contact
Crescendo Communications, LLC
Tel: (212) 671-1021
SMFL@crescendo-ir.com
FAQ
What is the Nasdaq extension granted to Smart for Life?
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