Smart for Life, Inc. SMFL shares are trading higher on Monday after the company announced a Letter of Intent to acquire a manufacturer of vitamins and supplements.
What To Know: The acquisition is expected to add approximately $20 million in revenue over the next year, on a pro forma basis.
A.J. Cervantes, Jr., the company's Chairman, stated, "This transaction will be our largest acquisition to date. Upon closing, Smart for Life will be continuing our mission of acquiring complementary businesses at attractive valuations, especially as we grow toward our stated goal of $100 million in revenue."
After the close of the market on Thursday, the company announced an agreement by several accredited investors to exercise certain outstanding warrants. The purpose was to purchase up to an aggregate of 877,001 shares of common stock of the company, with expected gross proceeds of $1.5 million.
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SMFL Price Action: Shares of SMFL were up 7.36% at $1.46 at the time of publication, according to Benzinga Pro.
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