What's Going On With Smart For Life Stock?

Smart for Life, Inc. SMFL (NASDAQ:) shares are blasting higher on heavy volume Thursday. Here's a look at what's going on:

What To Know:

According to data from Benzinga Pro, more than 77 million shares have already been traded in the session. Thursday's volume far exceeds the stock's 100-day average volume of less than 685 thousand shares.

On Monday, the company announced the additions of Mark Beychok as executive vice president and Jessica Walters as senior vice president of marketing.

"The Company's objective in Q1 is to complete two materials acquisitions currently in negotiation representing approximately $25 million in revenue, as well as execute a material restructuring program," stated Darren Minton, Smart for Life CEO.

"We expect these initiatives to include capital markets strategies, the disposition of certain non-performing assets, as well improvements to our stockholder's equity for Nasdaq as part of an overall Plan of Restructure."

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SMFL Price Action: According to Benzinga Pro, Smart for Life shares are up by 126.5% at $1.73 at the time of publication.

Image: Emmerich Jörg Herrich from Pixabay