Smart for Life Provides Update Following Nasdaq Delisting Due to Audit Delays; Reports Plans to Reapply to Nasdaq Upon Full Compliance
Smart for Life, Inc. (OTC: SMFL), a leader in the Health & Wellness sector, has provided an update following its delisting from Nasdaq due to audit delays. The company's stock continues to be quoted on the OTC Markets under the same ticker symbol. Management believes this move is temporary and plans to reapply for Nasdaq listing once fully compliant with requirements.
CEO Darren Minton stated that the audit delay was largely due to factors outside the company's control. Despite challenges, Smart for Life remains committed to addressing outstanding issues and executing its strategic plan, including prospective acquisitions and the completion of a successful restructuring program that improved the company's balance sheet and net stockholders' equity.
The company expects to file its annual report on Form 10-K in the coming days and will provide further updates to shareholders on its progress.
Smart for Life, Inc. (OTC: SMFL), un leader nel settore della Salute e del Benessere, ha fornito un aggiornamento dopo il suo de-listing da Nasdaq a causa di ritardi nell'audit. Il titolo della società continua ad essere quotato sui Mercati OTC con lo stesso simbolo ticker. La direzione ritiene che questo spostamento sia temporaneo e pianifica di richiedere nuovamente la quotazione su Nasdaq una volta che saranno completamente conformi ai requisiti.
Il CEO Darren Minton ha dichiarato che il ritardo nell'audit è stato principalmente causato da fattori al di fuori del controllo dell'azienda. Nonostante le difficoltà, Smart for Life rimane impegnata a risolvere le questioni in sospeso e a attuare il suo piano strategico, comprese le acquisizioni prospettiche e il completamento di un programma di ristrutturazione di successo che ha migliorato il bilancio dell'azienda e il patrimonio netto degli azionisti.
La società prevede di presentare il suo rapporto annuale sul Modulo 10-K nei prossimi giorni e fornirà ulteriori aggiornamenti agli azionisti sui suoi progressi.
Smart for Life, Inc. (OTC: SMFL), un líder en el sector de la Salud y el Bienestar, ha proporcionado una actualización después de su deslistado de Nasdaq debido a retrasos en la auditoría. Las acciones de la compañía continúan cotizándose en los Mercados OTC bajo el mismo símbolo de ticker. La dirección cree que este movimiento es temporal y planea volver a solicitar la cotización en Nasdaq una vez que cumpla completamente con los requisitos.
El CEO Darren Minton declaró que el retraso en la auditoría se debió en gran parte a factores fuera del control de la compañía. A pesar de los desafíos, Smart for Life sigue comprometida a abordar los problemas pendientes y ejecutar su plan estratégico, incluidas adquisiciones prospectivas y la finalización de un programa de reestructuración exitoso que mejoró el balance de la compañía y el patrimonio neto de los accionistas.
La compañía espera presentar su informe anual en el Formulario 10-K en los próximos días y proporcionará más actualizaciones a los accionistas sobre su progreso.
Smart for Life, Inc. (OTC: SMFL)는 건강 및 웰니스 분야의 선두 기업으로, 감사 지연으로 인한 나스닥 상장 폐지 이후 업데이트를 제공했습니다. 회사의 주식은 OTC 마켓에 동일한 종목 기호로 계속 상장되어 있습니다. 경영진은 이 조치가 일시적이라고 믿으며, 요구 사항을 완전히 준수한 후 나스닥 상장 재신청을 계획하고 있습니다.
CEO Darren Minton은 감사 지연이 대체로 회사의 통제를 벗어난 요인들 때문이라고 밝혔습니다. 어려움에도 불구하고 Smart for Life는 미해결 문제에 대응하고 전략 계획을 실행하는 데 전념하고 있으며, 이는 잠재적인 인수 및 회사의 재무제표와 순자산 주주 자본을 개선하는 성공적인 구조조정 프로그램의 완료를 포함합니다.
회사는 오는 며칠 내에 10-K 양식 연례 보고서를 제출할 것으로 예상하며, 주주들에게 진행 상황에 대한 추가 업데이트를 제공할 예정입니다.
Smart for Life, Inc. (OTC: SMFL), un leader dans le secteur de la santé et du bien-être, a fourni une mise à jour suite à son radiation de Nasdaq en raison de retards d'audit. L'action de la société continue d'être cotée sur les marchés OTC sous le même symbole boursier. La direction pense que ce mouvement est temporaire et prévoit de redemander une cotation sur Nasdaq dès qu'elle sera pleinement conforme aux exigences.
Le PDG Darren Minton a déclaré que le retard d'audit était en grande partie dû à des facteurs échappant au contrôle de l'entreprise. Malgré les difficultés, Smart for Life reste déterminée à résoudre les problèmes en suspens et à mettre en œuvre son plan stratégique, y compris des acquisitions potentielles et l'achèvement d'un programme de restructuration réussi qui a amélioré le bilan de l'entreprise et les capitaux propres nets des actionnaires.
L'entreprise prévoit de soumettre son rapport annuel sur le formulaire 10-K dans les prochains jours et fournira d'autres mises à jour aux actionnaires sur ses progrès.
Smart for Life, Inc. (OTC: SMFL), ein führendes Unternehmen im Bereich Gesundheit und Wellness, hat ein Update nach seinem Delisting von Nasdaq aufgrund von Prüfungs Verzögerungen bereitgestellt. Die Aktien des Unternehmens werden weiterhin unter dem gleichen Tickersymbol an den OTC-Märkten gehandelt. Das Management ist der Ansicht, dass dieser Schritt vorübergehend ist und plant, sich erneut für eine Nasdaq-Notierung zu bewerben, sobald alle Anforderungen erfüllt sind.
CEO Darren Minton erklärte, dass die Verzögerung der Prüfung größtenteils auf Faktoren zurückzuführen sei, die außerhalb der Kontrolle des Unternehmens lagen. Trotz der Herausforderungen bleibt Smart for Life entschlossen, offene Fragen anzugehen und seinen strategischen Plan umzusetzen, einschließlich künftiger Akquisitionen und dem Abschluss eines erfolgreichen Umstrukturierungsprogramms, das die Bilanz des Unternehmens und das Netto-Eigenkapital der Aktionäre verbessert hat.
Das Unternehmen erwartet, in den kommenden Tagen seinen Jahresbericht auf Formular 10-K einzureichen und wird den Aktionären weitere Updates zu seinen Fortschritten geben.
- Company plans to reapply for Nasdaq listing upon full compliance
- Successful restructuring program resulted in significant improvement in balance sheet and net stockholders' equity
- Company continues to execute strategic plan including prospective acquisitions
- Delisted from Nasdaq due to audit delays
- Annual report on Form 10-K filing delayed
MIAMI, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Smart for Life, Inc. (OTC: SMFL) (“Smart for Life” or the “Company”), a distinguished leader in the Health & Wellness sector specializing in the marketing and manufacturing of nutritional supplements and foods, today provided an update following its delisting from Nasdaq, which was primarily due to delays in the completion of its audit. The Company’s common stock continues to be quoted on the OTC Markets, and the ticker symbol “SMFL” remains unchanged. Management believes this move to the OTC Markets is temporary and the Company plans to reapply for listing as soon as it is fully compliant with the listing requirements.
“We are working diligently to complete our audit and believe that several key factors contributing to the delay were outside the control of management and the Company,” stated Darren Minton, CEO of Smart for Life. “Despite these challenges, we are committed to addressing the outstanding issues and returning to Nasdaq as soon as possible. The Company continues to execute its previously announced strategic plan including the prospective acquisitions in our pipeline, as well as the completion of our successful restructuring program which resulted in a significant improvement in the Company’s balance sheet and net stockholders’ equity. We remain confident in our long-term strategy for growth in the health and wellness market.”
The management team is working closely with auditors and advisors to complete the filing of its annual report on Form 10-K, which is expected in the coming days. The Company will provide further updates to shareholders on its progress.
About Smart for Life, Inc.
Smart for Life, Inc. (OTC: SMFL) is an emerging growth company in the nutraceutical industry, committed to delivering innovative solutions that promote Health & Wellness. With a focus on research-driven formulations and consumer-centric approaches, Smart for Life is dedicated to redefining the boundaries of nutritional science. The Company is engaged in the development, marketing, manufacturing, acquisition, operation and sale of a broad spectrum of nutritional and products. Structured as a publicly held holding company, the Company is executing a Buy-and-Build strategy with serial accretive acquisitions creating a vertically integrated company. To drive growth and earnings, Smart for Life is developing proprietary and related products as well as acquiring other profitable companies, encompassing brands, manufacturing and distribution channels. The Company recently concluded the execution of a restructuring plan including recapitalization of the Company with equity and debt financings, the sale of certain non-performing assets, and the successful liquidation of the Company’s senior debt facility. In addition, the Company converted substantial debt obligations to equity materially improving the Company’s balance sheet. For more information about Smart for Life, please visit: www.smartforlifecorp.com.
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
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