Stryve Foods Inc - SNAX STOCK NEWS

Stryve Foods (OTC: SNAX) has completed a major network optimization initiative, transitioning fulfillment operations to redistribution partners including Dot Foods. The company has successfully exited its final distribution center lease, a move expected to generate over $1 million in annual savings and enhance operational efficiencies.

The strategic transition delivers multiple benefits including elimination of over $10 million in future lease obligations and improved service levels for retail partners. The initiative follows recent strategic moves, including the retirement of $8.7 million in debt and expanded retail distribution. The lease termination becomes effective February 15, 2025, with savings expected to reflect in Q1 2025 results.

Stryve Foods (NASDAQ: SNAX) has completed a significant balance sheet transformation by issuing 877,878 shares of Series A-1 Convertible Preferred Stock, valued at $10.71 per share, totaling $9.4 million. This transaction, closed on January 30th, 2025, retires $8.7 million of maturing liabilities.

Notable insider participation includes approximately $3.0 million in preferred stock purchases, with CEO Chris Boever contributing $2.7 million. The preferred stock features include: conversion into Class A common stock at $0.7599 per share after six months, 12% annual dividends payable in cash or additional preferred stock, and voting rights on a one-to-one basis with Class A common stock (subject to 19.99% cap).

The Company maintains a call option after two years and can force conversion if it raises $6.0 million from common stock sales within nine months at or above $0.7599 per share.

Stryve Foods (NASDAQ: SNAX) reported strong Q3 2024 results with net sales of $5.7 million, up 36.4% year-over-year. The company achieved significant improvements in gross profit, which more than doubled to $1.2 million with a margin of 21.7%. The company secured new distribution deals with major retailers including BJ's Wholesale, Wawa, and Circle K. To support growing demand, Stryve raised $2.9 million through a public offering and established a strategic partnership with Dot Foods. Operating loss narrowed to $2.3 million from $3.6 million in Q3 2023, while net loss improved to $3.1 million ($0.95 per share) from $4.8 million ($2.14 per share) year-over-year.

Stryve Foods (NASDAQ: SNAX) has closed its previously announced public offering, raising $2.9 million through the sale of 3,670,886 shares of Class A common stock and stock equivalents at $0.79 per share. The offering included warrants to purchase up to 7,341,722 additional shares. Each share was sold with two warrants, exercisable at $0.79 per share for five years following stockholder approval. Roth Capital Partners and Northland Capital Markets served as co-placement agents. The company plans to use the proceeds for working capital and general corporate purposes.

Stryve Foods (NASDAQ: SNAX), a healthy snack platform and leader in air-dried meat snacks, announces its fiscal 2024 third quarter results release scheduled for Wednesday, November 13, 2024, after market close. The company will host a conference call at 4:30 pm EST the same day. Investors can join via phone (1-800-717-1738 or 1-646-307-1865) or webcast. A replay will be available through November 27, 2024, using PIN 11157512#. The webcast can be accessed through the company's Investor Relations website.

Stryve Foods (NASDAQ: SNAX), a healthy snacking platform and air-dried meat snack leader, has announced pricing for a $2.9 million public offering. The offering includes 3,670,886 shares of Class A common stock and equivalents, plus warrants to purchase up to 7,341,722 additional shares at $0.79 per share. Each share comes with two warrants exercisable for five years following stockholder approval. The offering is expected to close around November 12, 2024.

The company will also amend existing warrants for 529,412 shares, reducing their exercise price from $54.00 to $0.79 per share. Roth Capital Partners and Northland Capital Markets are co-placement agents. Proceeds will support working capital and general corporate purposes.

Stryve Foods (NASDAQ: SNAX) has announced two major developments: a strategic partnership with Dot Foods, North America's largest food industry redistributor, starting November 2024, and new chainwide distribution with a major national retailer beginning Q1 2025. The Dot Foods partnership aims to streamline operations, improve service levels, and optimize lead times. The new retail distribution agreement will expand Stryve's presence to thousands of new locations across the United States. These developments support Stryve's strategy to increase the availability of its air-dried meat snack brands, including Stryve, Vacadillos, and Kalahari.

Stryve Foods, Inc. (NASDAQ: SNAX) announced new and expanded distribution with major retailers, including BJ's Wholesale Club. This follows a successful product rotation in Costco's Southeast Region during Q2. The company secured new distribution with retailers like Circle K Coastal, Wawa, and Lowe's Grocery, while expanding presence with existing partners such as Sprouts and CVS.

Preliminary Q3 2024 metrics indicate expected net sales growth of 30% to 35% year-over-year, driven by increased retail consumption. However, supply was constrained due to working capital limitations. Stryve anticipates significant year-over-year improvement in gross margin despite higher beef prices.

CEO Chris Boever expressed confidence in the company's strategy and product offerings, citing strong sales growth and margin improvement as key components of their path to profitability. Stryve's air-dried snacks, with zero sugar and high protein content, continue to resonate with health-conscious consumers.

Stryve Foods, Inc. (NASDAQ: SNAX) has announced the launch of High Steaks, a new brand of high-quality, high-protein, human-grade pet treats. Known for their air-dried meat snacks, Stryve is now entering the pet category with treats featuring real, air-dried beef as the primary ingredient. High Steaks offers treats with 0g sugar and simple ingredients, designed for active and healthy dogs.

The treats come in flavors including beef, beef + liver, and beef + sweet potato. They contain no artificial additives, fillers, or preservatives. High Steaks will be available for purchase on the company's website starting in October 2024, with plans to secure retail distribution in the coming quarters.