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Smart for Life, Inc. (NASDAQ:SMFL) shares are trading lower on Tuesday afternoon after the company announced an agreement to exercise warrants for $4.5 million in gross proceeds.
What To Know: The agreement will allow several accredited investors to exercise certain outstanding warrants to purchase up to an aggregate of 3,513,750 shares of the company's common stock.
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The gross proceeds are expected to be approximately $4.5 million, prior to deducting placement agent fees and estimated offering expenses.
The exercising holders will receive new unregistered warrants to purchase shares of common stock. The new warrants will be exercisable into an aggregate of up to 7,027,500 shares.
The company plans to use the net proceeds from the offering for working capital and other general corporate purposes.
Smart For Life offers a broad spectrum of nutritional and related products with an emphasis on health and wellness.
Related Link: Why Is Broadcom Stock Rising Today?
SMFL Price Action: Shares of SMFL were down 37.8% at $1.35 at the time of publication, according to Benzinga Pro.
Image by Scott Webb from Pixabay
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.