Smart for Life Provides Update Following Nasdaq Delisting Due to Audit Delays; Reports Plans to Reapply to Nasdaq Upon Full Compliance

MIAMI, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Smart for Life, Inc. (OTC: SMFL) (“Smart for Life” or the “Company”), a distinguished leader in the Health & Wellness sector specializing in the marketing and manufacturing of nutritional supplements and foods, today provided an update following its delisting from Nasdaq, which was primarily due to delays in the completion of its audit. The Company’s common stock continues to be quoted on the OTC Markets, and the ticker symbol “SMFL” remains unchanged. Management believes this move to the OTC Markets is temporary and the Company plans to reapply for listing as soon as it is fully compliant with the listing requirements.

“We are working diligently to complete our audit and believe that several key factors contributing to the delay were outside the control of management and the Company,” stated Darren Minton, CEO of Smart for Life. “Despite these challenges, we are committed to addressing the outstanding issues and returning to Nasdaq as soon as possible. The Company continues to execute its previously announced strategic plan including the prospective acquisitions in our pipeline, as well as the completion of our successful restructuring program which resulted in a significant improvement in the Company’s balance sheet and net stockholders’ equity. We remain confident in our long-term strategy for growth in the health and wellness market.”

The management team is working closely with auditors and advisors to complete the filing of its annual report on Form 10-K, which is expected in the coming days. The Company will provide further updates to shareholders on its progress.

About Smart for Life, Inc.

Smart for Life, Inc. (OTC: SMFL) is an emerging growth company in the nutraceutical industry, committed to delivering innovative solutions that promote Health & Wellness. With a focus on research-driven formulations and consumer-centric approaches, Smart for Life is dedicated to redefining the boundaries of nutritional science. The Company is engaged in the development, marketing, manufacturing, acquisition, operation and sale of a broad spectrum of nutritional and products. Structured as a publicly held holding company, the Company is executing a Buy-and-Build strategy with serial accretive acquisitions creating a vertically integrated company. To drive growth and earnings, Smart for Life is developing proprietary and related products as well as acquiring other profitable companies, encompassing brands, manufacturing and distribution channels. The Company recently concluded the execution of a restructuring plan including recapitalization of the Company with equity and debt financings, the sale of certain non-performing assets, and the successful liquidation of the Company’s senior debt facility. In addition, the Company converted substantial debt obligations to equity materially improving the Company’s balance sheet. For more information about Smart for Life, please visit: www.smartforlifecorp.com.