MIAMI, April 21, 2023 (GLOBE NEWSWIRE) -- Smart for Life, Inc. (Nasdaq: SMFL) ("Smart for Life" or the "Company"), a global leader in the Health & Wellness sector marketing and manufacturing nutritional supplements and foods worldwide, announced that it will effect a 1-for-50 reverse stock split ("reverse split") of its common stock, par value $0.0001 per share ("common stock"), that will become effective on April 24, 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 April 24, 2023. The new CUSIP number for the Common Stock following the reverse split will be 83204U301.
Among other considerations, the reverse split is intended to bring the Company into compliance with the minimum bid price requirement for maintaining the listing of its common stock on the NASDAQ Capital Market 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.
"Across the tumultuous conditions in the global markets, it is no secret that public companies of all sizes have seen significant diminution of their market values over the last year," stated Darren Minton, Smart for Life's Chief Executive Officer. "As we have previously mentioned since first announcing our plans to regain Nasdaq compliance late last year, this strategic restructuring as part of the Company's capitalization acknowledges that reality and better positions the Company for our serial accretive acquisitions going forward."
Mr. Minton concluded, "We want to reaffirm our publicly stated plans of growing to over $100 million in annualized revenues in the next twelve months based on anticipated acquisitions in our pipeline. This is in addition to achieving $300 million in revenues by 2026. We encourage everyone following our company to stay tuned as we enter this next phase of our strategic growth."
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 and Ceautamed Worldwide. For more information about Smart for Life, please visit: www.smartforlifecorp.com.
The company's previously issued letter to shareholders is available at:
www.smartforlifecorp.com/2023/01/12/smart-for-life-ceo-issues-year-end-letter-to-shareholders/.
The Company recently released a video report from A.J. Cervantes, Jr., the Company's Chairman. That report can be accessed here:
https://smartforlifecorp.com/2023/04/02/chairmans-video-report/.
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
