JUPW - InvestorNewsBreaks - Jupiter Wellness Inc. (NASDAQ: JUPW) Releases Updated Information Regarding SRM Entertainment Spin-Off Closes on Safety Shot Acquisition
Jupiter Wellness (NASDAQ: JUPW), a wellness company focused on hair metabolism and skin therapies, has released the updated payment date for the distribution of shares of common stock, par value $0.0001 per share, of SRM Entertainment Inc. SRM Entertainment is currently a majority-owned subsidiary of Jupiter Wellness. According to the announcement, the date to effect the spin-off of the SRM business is planned for Aug. 14, 2023; the payment date remains subject to SRM’s Registration Statement on Form S-1 being declared effective by the U.S. Securities and Exchange Commission. “In the event that such registration statement is not declared effective or the SRM common stock is not approved for listing, the distribution will not be paid on such date and the spin-off transaction will not occur,” the company stated in the press release. “The company anticipates that the SRM common stock will begin trading on the NASDAQ Capital Market on Aug. 15, 2023.”
In addition, Jupiter Wellness closed the acquisition of all operating assets — including the formula, patent, know-how, clinical data and inventory of the world’s first rapid blood alcohol detox drink — of GBB Drink Lab Inc. Dubbed Safety Shot, the detoxification product was created by a doctor, is patented and has been validated by initial research to lower blood alcohol content by up to 50% in only 30 minutes. According to the announcement, Safety Shot targets the alcohol hangover remedy market, which is projected at $1.56 billion. The company also noted that several members of GBB Drink Lab’s executive team, as well as board members and advisors, have joined Jupiter Wellness. The company anticipates that a significant amount of its revenues will be driven by the Safety Shot business unit moving forward; consequently, the company plans to change its name to Safety Shot. “We couldn’t be more excited about closing this acquisition as our company is now positioned to launch a first-of-its kind wellness product that we believe will huge implications and benefits on wellness and safety around alcohol consumption,” said Jupiter Wellness CEO Brian John in the press release. “With key members of the Safety Shot team now on our team, a successful launch of this critical product is well underway. While we continue to execute on our portfolio of other health and wellness products, Safety Shot is the company’s primary focus going forward. We see this is a tremendous win for Jupiter shareholders.”
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About Jupiter Wellness Inc.
Jupiter Wellness is a diversified company that supports health and wellness by researching and developing over-the-counter (“OTC”) products and intellectual property. The company's product pipeline addresses a range of conditions, including hair loss, psoriasis and vitiligo. Revenue is generated through the sales of OTC and consumer products as well as licensing royalties. For additional information about this company, visit www.JupiterWellnessInc.com.
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