Smart for Life Announces 1-For-3 Reverse Stock Split
Portfolio Pulse from Benzinga Newsdesk
Smart for Life, Inc. (NASDAQ:SMFL) has announced a 1-for-3 reverse stock split of its common stock and authorized stock, effective on October 27, 2023. The reverse split is intended to maintain the company's compliance with the minimum bid price requirement for maintaining its listing on Nasdaq and to make the bid price more attractive to investors. The split is also part of a strategic plan to support future acquisition financings.
October 26, 2023 | 5:01 pm
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Smart for Life's 1-for-3 reverse stock split is aimed at maintaining its Nasdaq listing and making the bid price more attractive to investors. It's also part of a strategic plan to support future acquisition financings.
The reverse stock split will reduce the number of shares outstanding, which could make the stock more attractive to investors by increasing the per-share price. However, it doesn't change the company's overall market value. The move also indicates the company's strategic plan for future acquisitions, which could have potential impacts on the company's growth and financial performance.
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