SMFL - What's Going On With Smart For Life's Stock? | Benzinga
Smart for Life, Inc. (NASDAQ:SMFL) shares are trading higher Thursday. The company recently announced the successful completion of its restructuring program.
What To Know:
Smart for Life's restructuring program included recapitalization of the company with equity and debt financings, the sale of certain non-performing assets, the sale and leaseback of its Doral manufacturing facility, the sale of 51% of Ceautamed Worldwide, LLC, a subsidiary, for $3.4 million and the successful liquidation of the company’s senior debt facility.
The company also converted select debt obligations to equity which resulted in an approximate 6-fold enhancement of the company’s net shareholders’ equity to an expected $6 million. The debt conversions also eliminated significant ongoing interest expense incurred by the company.
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“This sets the stage for the next chapter of Smart for Life, as we have effectively addressed a broad spectrum of challenges facing the Company, while ...