Smart for Life to Hold Shareholder Meeting on March 15, 2023

Rhea-AI Summary

Smart for Life (Nasdaq: SMFL) will hold a special shareholders' meeting on March 15, 2023, following a successful hearing with the Nasdaq Hearings Panel. The meeting will address increasing the number of authorized shares and a proposed reverse stock split aimed at complying with Nasdaq's listing requirements. If approved, the reverse split intends to enhance the share price, attracting more institutional investors. CEO Darren Minton emphasizes the importance of maintaining the Nasdaq listing to support the company's goal of achieving $300 million in revenue through a buy-and-build strategy. Proxy materials will be sent to stockholders by February 3, 2023.

Positive

• Planned reverse stock split could enhance share price, aiding compliance with Nasdaq listing requirements.
• Aiming for $300 million in revenue through strategic M&A initiatives.

Negative

• None.

Shareholder Meeting Follows the Company’s Successful Hearing with the Nasdaq Hearings Panel

MIAMI, Feb. 13, 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 filed a definitive proxy statement with the Securities and Exchange Commission in connection with a special meeting of stockholders (the "Special Meeting") scheduled on March 15, 2023. The Special Meeting is being held to vote on various matters, including to effect an increase in the total number of authorized shares of common stock of the Company and to effect a reverse stock split of the issued and outstanding shares of common stock.

If approved by the stockholders and implemented by the Company’s board of directors, the reverse stock split is primarily intended to increase the price per share of the Company’s common stock to enable it to comply with the Nasdaq continued listing requirements. Each shareholder’s pro rata percentage would remain unchanged. Additionally, the Company believes increasing the per-share market price of its common stock would make the Company more attractive to a wider range of institutional investors and brokerage firms otherwise restricted due to share price requirements.

“We remain committed to growing Smart for Life toward our stated objective of $300 million in revenue through our high-growth M&A initiatives and it is critical for the Company to preserve its Nasdaq listing to achieve this goal,” stated Darren Minton, Smart for Life’s Chief Executive Officer. “We continue to execute on our plans, and we believe these measures will set the foundation for successful value creation as we carry out our proactive acquisition strategy, targeting accretive cash flow positive companies and driving the long-term growth of Smart for Life.”

The definitive proxy statement and other relevant materials will be mailed to stockholders of the Company as of the record date of February 3, 2023. Investors and security holders will also be able to obtain these documents at the SEC’s website, www.sec.gov.

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 within the next thirty-six months. 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 and Ceautamed Worldwide. 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.

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 purpose of the March 15, 2023 shareholder meeting for Smart for Life (SMFL)?

The meeting aims to vote on increasing authorized shares and implementing a reverse stock split.

Why is Smart for Life (SMFL) considering a reverse stock split?

The reverse stock split is intended to increase the share price to comply with Nasdaq's listing requirements.

What are the projected revenue goals for Smart for Life (SMFL)?

Smart for Life targets reaching $300 million in revenue through mergers and acquisitions.

When will proxy materials be sent to Smart for Life (SMFL) shareholders?

Proxy materials will be mailed to stockholders as of the record date of February 3, 2023.