Smart for life, inc. announces closing of $14.4 million initial public offering

Miami, feb. 18, 2022 (globe newswire) --  smart for life, inc. ("company") (nasdaq: smfl), a leading developer, marketer, and manufacturer of nutritional and related products, today announced that it has closed its initial public offering of 1,440,000 units, each unit consisting of (i) one share of common stock, (ii) one series a warrant to purchase one share of common stock at an exercise price equal to $7.00 per share exercisable until the fifth anniversary of the issuance date, and (iii) one series b warrant to purchase one share of common stock at an exercise price equal to $10.00 per share, exercisable until the fifth anniversary of the issuance date and subject to certain adjustment and cashless exercise provisions. additionally, the underwriters partially exercised the over-allotment option and purchased 206,390 series a warrants and 206,390 series b warrants. as a result, the company received gross proceeds of $14,404,128, prior to deducting underwriting discounts, commissions, and other offering expenses.
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