Smart for Life Provides Update on Prospective Acquisitions
27 August 2024 - 8:22AM
Smart for Life, Inc. (Nasdaq: 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 on the
potential expansion of the Company’s acquisition pipeline and an
update on its M&A activities.
Currently, the Company is negotiating four
profitable Health & Wellness acquisitions and exploring
additional prospects as part of its post-restructuring strategy.
These targets include Purely Optimal Nutrition, a liquid
manufacturer, an established supplement brand, and a wholesale
manufacturer and distributor.
Chairman A.J. Cervantes, Jr. stated, "We are on
track with several potentially transformative strategic
transactions. Once we finalize our upcoming 10-K and 10-Q filings,
we plan to substantially accelerate our M&A activity,
leveraging the potential acquisitions we've already identified. We
are focused on acquiring profitable companies in the nutritional
supplements and functional foods sectors. With restructuring
complete, we are aggressively advancing our M&A efforts. We are
targeting U.S. and foreign nutraceutical companies with $5 million
to $25 million in annual revenue, prioritizing innovation, quality,
and organic growth."
CEO Darren Minton added, "While there is no
assurance that any particular acquisition will be completed, we
believe the growing acquisition pipeline creates an enormous
prospective opportunity for the Company. We remain committed to
reaching our $100 million revenue goal through organic growth and
strategic acquisitions."
Completion of any acquisitions in the Company’s
pipeline is subject to a number of conditions including successful
due diligence and financing.
Form 10-Q Report
As previously disclosed, on May 21, 2024, the
Company received a notification letter from Nasdaq indicating that
the Company is now delinquent in filing its Form 10-Q for the
period ended March 31, 2024, which serves as an additional basis
for the delisting of the Company’s securities from The Nasdaq
Capital Market. The letter stated that the hearings panel will
consider this matter in rendering a determination regarding the
Company’s continued listing on Nasdaq.
On August 20, 2024, the Company received an
additional notification letter from Nasdaq indicating that the
Company is now delinquent in filing its Form 10-Q for the period
ended June 30, 2024, which serves as an additional basis for the
delisting of the Company’s securities from The Nasdaq Capital
Market. The letter stated that the hearings panel will consider
this matter in rendering a determination regarding the Company’s
continued listing on Nasdaq. In that regard, the letter stated that
the Company should present its views with respect to this
additional deficiency to the hearings panel no later than August
27, 2024.
The Company management anticipates filing the
Form 10-Q report upon completion of the Company’s audit.
About Smart for Life, Inc.
Smart for Life, Inc. (Nasdaq: 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, LLCTel: (212)
671-1021SMFL@crescendo-ir.com
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