Smart for Life provides update on Nasdaq delisting due to audit delays; announces plans to resubmit to Nasdaq once full compliance is achieved

MIAMI, Sept. 20, 2024 (GLOBE NEWSWIRE) — Smart for Life, Inc. (OTC: SMFL) (“Smart for Life” or the “Company”), a preeminent leader in the health and wellness sector specializing in the marketing and manufacturing of dietary supplements and foods, today provided an update following its delisting from Nasdaq, which was primarily due to delays in completing its audit. The Company’s common stock continues to be listed on the OTC Markets, and the ticker symbol “SMFL” remains unchanged. Management believes that this move to the OTC Markets is temporary and the Company plans to resubmit its listing application once it has fully complied with the listing requirements.

“We are working diligently to complete our audit and believe that several key factors contributing to the delay were beyond the control of management and the Company,” said Darren Minton, CEO of Smart for Life. “Despite these challenges, we are committed to resolving the outstanding issues and returning to Nasdaq as quickly as possible. The Company continues to execute on its previously announced strategic plan, including potential acquisitions in our pipeline, and the completion of our successful restructuring program, which has resulted in significant improvements to the Company’s balance sheet and net equity. We remain confident in our long-term growth strategy in the health and wellness market.”

The management team is working closely with auditors and advisors to complete the filing of the annual report on Form 10-K, which is expected in the coming days. The company will provide shareholders with further updates on its progress.

About Smart for Life, Inc.

Smart for Life, Inc. (OTC: SMFL) is a growing nutraceutical company dedicated to delivering innovative solutions that promote health and wellness. With a focus on research-based formulations and consumer-centric approaches, Smart for Life is dedicated to redefining the boundaries of nutritional science. The company develops, markets, manufactures, acquires, services and sells a broad spectrum of nutritional products. As a publicly traded holding company, the company pursues a buy-and-build strategy with serial acquisitions to create a vertically integrated company. To drive growth and profits, Smart for Life develops proprietary and related products and acquires other profitable businesses spanning brands, manufacturing and distribution channels. The company recently completed a restructuring plan, including the recapitalization of the company through equity and debt financing, the sale of certain non-performing assets and the successful liquidation of the company’s legacy debt. Additionally, the company converted significant debt obligations into equity, which significantly improved the company’s balance sheet. For more information about Smart for Life, visit: www.smartforlifecorp.com.

Forecast statements

This press release may contain information about our views on future expectations, plans and prospects, which constitute forward-looking statements. All forward-looking statements are based on management’s beliefs, assumptions and expectations regarding the future economic performance of Smart for Life, taking into account information currently available to it. These statements are not statements of historical fact. Although Smart for Life believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Smart for Life undertakes no obligation to update any statements contained herein (including any forward-looking statements), except as required by law. No assurance can be given that Smart for Life will successfully acquire its acquisition targets. Forward-looking statements are subject to a number of factors, risks and uncertainties, some of which are not currently known to us, that could cause Smart for Life’s actual results, performance or financial condition to be materially different from expectations regarding future results, performance or financial condition. Actual results may differ materially from the expectations discussed in the forward-looking statements. Factors that could cause actual results to differ materially from expectations include general industry considerations, regulatory changes, changes in local or national economic conditions and other risks identified in the “Risk Factors” section of our filings with the Securities and Exchange Commission.

Reservation

The information in this press release is for general informational purposes only and is not intended to replace professional medical advice or treatment for specific medical conditions. Always seek the advice of your physician or other qualified healthcare provider with any questions you may have regarding a medical condition. This information is not intended to diagnose, treat, cure or prevent any disease.

Contact for investors

Crescendo Communications, LLC
Phone: (212) 671-1021
[email protected]