Smart For Life Raises $1.58M Via Equity Offering
Portfolio Pulse from Shivani Kumaresan
Smart For Life Inc (NASDAQ: SMFL) has raised $1.58 million through an equity offering of 584,892 shares at $2.71 per share. The company will also issue unregistered common stock purchase warrants for 584,892 shares with an exercise price of $2.59 per share. The proceeds will be used for working capital and general corporate purposes.
May 18, 2023 | 4:04 pm
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NEGATIVE IMPACT
Smart For Life's equity offering of 584,892 shares at $2.71 per share has raised $1.58 million. The company's stock is trading lower by 20.30% at $2.67.
The equity offering is dilutive to existing shareholders, which is likely causing the stock price to decline. The proceeds will be used for working capital and general corporate purposes, which may benefit the company in the long term, but the short-term impact is negative.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100