Smart For Life Raises $1.58M Via Equity Offering

Smart For Life Inc (NASDAQ:SMFL) has entered into a definitive agreement for the purchase and sale of 584,892 shares at $2.71 per share.
In addition, in a concurrent private placement, the company will issue unregistered common stock purchase warrants for 584,892 shares.
The warrants will have an exercise price of $2.59 per share and are immediately exercisable for a period of five and one-half years following issuance.
The closing of the registered direct offering and the concurrent private placement is expected to occur on or about May 22, 2023.
The company expects gross proceeds from these offerings to be approximately $1.58 million.
The company intends to use the net proceeds from the offerings for working capital and other general corporate purposes.
Price Action: SMFL shares are trading lower by 20.30% at $2.67 on the last check Thursday.