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Smart for Life | 8-K: Current report

SEC announcement ·  Apr 23 17:06
Summary by Moomoo AI
Smart for Life, Inc., a company listed on The Nasdaq Stock Market LLC, is facing potential delisting due to non-compliance with Nasdaq's stockholders' equity requirement and other listing rules. The company received a notification on December 5, 2023, for not meeting the minimum stockholders' equity of $2.5 million, as its equity stood at $951,836. Smart for Life requested a hearing with the Nasdaq hearings panel, which stayed the delisting process. Further non-compliance issues arose when the company failed to hold an annual meeting in 2023 and did not file its Form 10-K for the year ended December 31, 2023. During a hearing on March 12, 2024, Smart for Life presented a plan to regain compliance, which included restructuring, recapitalization, asset sales, and debt facility liquidation. The...Show More
Smart for Life, Inc., a company listed on The Nasdaq Stock Market LLC, is facing potential delisting due to non-compliance with Nasdaq's stockholders' equity requirement and other listing rules. The company received a notification on December 5, 2023, for not meeting the minimum stockholders' equity of $2.5 million, as its equity stood at $951,836. Smart for Life requested a hearing with the Nasdaq hearings panel, which stayed the delisting process. Further non-compliance issues arose when the company failed to hold an annual meeting in 2023 and did not file its Form 10-K for the year ended December 31, 2023. During a hearing on March 12, 2024, Smart for Life presented a plan to regain compliance, which included restructuring, recapitalization, asset sales, and debt facility liquidation. The company reported an increase in stockholders' equity to over $2.5 million on March 7, 2024, and an estimated $6 million as of the current report date. The hearings panel will consider the company's compliance plan and additional deficiencies before making a final decision on the listing status. The report was signed by CEO Darren C. Minton on April 23, 2024.

This announcement is a separate document:

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