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Smart for Life | 8-K: Current report

SEC announcement · Feb 2 17:17

SMFL +15.71%

Summary by Moomoo AI

Smart for Life, Inc., a health and wellness company, has completed a significant transaction involving the sale of assets from its wholly owned subsidiaries to First Health FL LLC. The deal, which closed on January 29, 2024, saw Smart for Life's subsidiaries Ceautamed Worldwide, LLC, Wellness Watchers Global, LLC, and Greens First Female, LLC (collectively the 'Subsidiaries') dispose of their assets to the Buyer for a total consideration of $3,486,233. This amount includes the assumption of certain liabilities and payment to the Company's creditors. Smart for Life retains a 49% non-voting interest in the Buyer, with an option for the Buyer to acquire this minority stake at a nominal price. Additionally, Smart for Life has amended its note purchase agreement with an accredited investor, adjusting the principal amount due and introducing new payment terms, including an administration fee and potential late fees. The maturity date of the note has been extended to January 26, 2026. In connection with the asset sale, the Company has also negotiated the release of security interests related to the Subsidiaries and the forgiveness of certain outstanding Buyer Notes. The unaudited pro forma financial information reflecting the disposition has been filed with the SEC.

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