Smart for Life announces 1-for-7 reverse stock split

Smart for Life announced that it will effect a 1-for-7 reverse stock split of its common stock, par value $0.0001 per share and its authorized stock, that will become effective on April 22, 2024. Smart for Life’s common stock will continue to trade on The Nasdaq Capital Market under the symbol “SMFL” and will begin trading on a split-adjusted basis when the market opens on April 22, 2024. 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.