Smart for Life, Inc. SMFL is shaking things up today with news of a Letter of Intent to acquire a manufacturer of vitamins and supplements.
Revenue Boost: The acquisition is set to bring in an estimated $20 million in additional revenue over the next year, on a pro forma basis.
Chairman’s Statement: A.J. Cervantes, Jr., the company’s Chairman, shared, “This transaction will be our largest acquisition to date. Upon closing, Smart for Life will be forging ahead with our goal of acquiring complementary businesses at attractive valuations, especially as we climb toward our stated target of $100 million in revenue.”
As another exciting development, the company recently revealed an agreement with accredited investors to exercise certain outstanding warrants. This move is set to pave the way for the purchase of up to 877,001 shares of common stock, fetching expected gross proceeds of $1.5 million.
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Market Reaction: SMFL shares were up by a whopping 7.36% at $1.46 at the time of publication, according to Benzinga Pro.
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