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Smart For Life, Inc. Announces Pricing of $14.4 Million Initial Public Offering and Nasdaq Listing

2022-02-16 11:18 ET - News Release

MIAMI, Feb. 16, 2022 (GLOBE NEWSWIRE) -- Smart for Life, Inc. ("Company") (NASDAQ: SMFL), a leading developer, marketer, and manufacturer of nutritional and related products, today announced the pricing of its initial public offering of 1,440,000 units, for aggregate gross proceeds of approximately $14.4 million, prior to deducting underwriting discounts, commissions, and other offering expenses. Each unit consists of (i) one share of common stock (or, at the purchaser's election, one share of Series B convertible preferred stock), (ii) one Series A warrant to purchase one share of common stock at an exercise price equal to $7.00 per share exercisable until the fifth anniversary of the issuance date, and (iii) one Series B warrant to purchase one share of common stock at an exercise price equal to $10.00 per share, exercisable until the fifth anniversary of the issuance date and subject to certain adjustment and cashless exercise provisions.

In addition, the Company has granted the underwriters an option to purchase up to 15% of additional units, less underwriting discounts and commissions, for 45 days to cover over-allotments, if any. The offering is expected to close on or about February 18, 2022, subject to satisfaction of customary closing conditions.

The Company has received approval to list its common stock on the Nasdaq Capital Market, with its common stock trading under the symbol "SMFL," with trading expected to begin midday today, February 16, 2022. The Series A and B warrants have not been listed for trading and no market for the Series A and B warrants is expected to develop.

Dawson James Securities, Inc. is acting as lead book-running manager for the offering.

A registration statement on Form S-1, as amended (File No. 333-261699), was filed with the Securities and Exchange Commission ("SEC") and was declared effective on February 14, 2022. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. Electronic copies of the final prospectus relating to this offering, when available, may be obtained from Dawson James Securities, Inc., Attention: Prospectus Department, 101 North Federal Highway, Suite 600, Boca Raton, FL, 33432, cwachowiz@dawsonjames.com or toll free at 866.928.0928.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Smart for Life

Smart for Life is engaged in the development, marketing, manufacturing, acquisition, operation and sale of a broad spectrum of nutritional and related products with an emphasis on health and wellness. Structured as a global holding company, the Company is executing a buy-and-build strategy with serial accretive acquisitions creating a vertically integrated company with an objective of aggregating companies generating a minimum of $300 million in revenues within the next thirty-six months. To drive growth and earnings, Smart for Life is developing proprietary products as well as acquiring other profitable companies, encompassing brands, manufacturing and distribution channels. Additional information about the Company is available at: www.smartforlifecorp.com.

Forward Looking Statements

This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" in the final prospectus related to the public offering filed with the SEC and other reports filed with the SEC thereafter. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

Investor Relations Contact:

Crescendo Communications, LLC
Tel: (212) 671-1021

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