Stryve Foods announces exploration of strategic alternatives

Stryve Foods (SNAX) has engaged in a formal review process to evaluate potential strategic alternatives aimed at maximizing shareholder value while securing capital to support its accelerating growth in demand. Over the last two years, Stryve has made significant progress in transforming its operations and driving demand for its differentiated product offerings. Through this transformation, the company has improved its business performance, reduced its losses considerably. Chris Boever, CEO, stated “We participate in a highly attractive category, at the intersection of the rising consumer behaviors in snacking and growing demand for protein and convenience. We enjoy a portfolio with highly differentiated consumer benefits and unmatched manufacturing capabilities. As previously shared, the brand repositioning has proven successful, and we are experiencing significant increases in retailer and consumer demand. We are pleased with our progress as it validates the strategic plan that we communicated in early 2023. However, as we have previously shared, the accelerating demand for our products continues to outpace our ability to supply due to liquidity. It is imperative that we secure the working capital necessary for us to meet customer needs and to put us in position to achieve our near-term profitability plan.” To address these constraints and position the business for sustainable growth, Stryve has been actively engaged in efforts to secure additional capital. These efforts are ongoing and remain a top priority for the Company’s management team and Board of Directors. In parallel with these capital raising efforts, the Company has initiated a comprehensive review of strategic alternatives as a means to secure the capital it needs. Potential outcomes of this process may include, but are not limited to, a strategic investment, a business combination, a sale of the Company or its assets, or other potential transactions. The Company has not set a timetable for the conclusion of this process and does not intend to comment further unless and until the Board of Directors has approved a specific course of action or otherwise determines that further disclosure is appropriate or required by law.