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 that it will effect a 1-for-3 reverse stock split (“reverse split”) of its common stock, par value $0.0001 per share (“common stock”) and its authorized stock, that will become effective on October 27, 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 October 27, 2023. The new CUSIP number for the Common Stock following the reverse split will be 83204U509.
Among other considerations, the reverse split is intended to maintain the Company’s compliance with the minimum bid price requirement for maintaining the listing of its common stock on Nasdaq 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.
