SNAX - Stryve Foods provides preliminary Q2 estimates launches reverse stock split

July, 13 2023 11:23 AM Stryve Foods Inc.

2023-07-13 11:23:44 ET

Stryve Foods ( NASDAQ: SNAX ) said Thursday it expects net revenue for the second quarter to be within a range of $5.8 million on a preliminary basis.
The company said it expects "greatly improved" gross margins year-over-year as a result of pricing, product mix, and productivity and sees a slight decrease in gross margins on a sequential basis for Q2.
The adjusted EBITDA loss for Q2 will be within a range of $2.4 million to $2.7 million.
Net working capital, excluding cash and debt, is expected to be about $5.8 million to $6.2 million for Q2.
The cash balance for Q2 is expected to be similar to that of Q1.
Additionally, the company will also effect a reverse stock split of its outstanding shares of Class A and Class V common stock at a ratio of 1 for 15.
Following the reverse stock split, the Class A common stock will continue to trade on Nasdaq under the symbol "SNAX" with the new CUSIP number, 863685202.
Press Release .
Shares -8.9% at 57 cents.

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