8-K
filed December 2, 2022, 6:59 PM ET
CIK 0001851860
regulatory
confidence high
sentiment negative
materiality 0.85
SMART FOR LIFE, INC.: Nasdaq/NYSE listing notice — SMFL receives Nasdaq delisting notice for equity deficiency; extends debt maturities
SMART FOR LIFE, INC.
- Nasdaq notified SMFL of non-compliance with $2.5M stockholders' equity rule (equity $2,051,279 as of Sep 30, 2022).
- Nasdaq terminated bid price grace period early; SMFL will request hearing to stay delisting.
- Extended Ceautamed Notes maturity to June 1, 2023; default interest increased to 15%.
- Amended DSO Note: deferred first payment to Feb 15, 2023; maturity to Aug 15, 2024; shares and fee to Moulavi.
- Entered new 7,877 sq ft HQ lease in Boca Raton, FL, term through Dec 2029 with 3.5% annual rent increases.
Key facts
Extracted from this filing and checked against the source text.
Listing & Compliance Notices
SEC 8-K Item 3.01
confidence 0.9
SMART FOR LIFE, INC. received a nasdaq deficiency notice notice regarding stockholders equity (rules 5550(b), 5101).
- Exchange
- nasdaq
- Notice
- deficiency notice
- Deficiency
- stockholders equity
- Rules
- 5550(b), 5101
Exact text from the filing
November 28, 2022, the Company received a notification letter from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is not in compliance with the Nasdaq stockholders’ equity requirement of $2,500,000 for continued listing on The Nasdaq Capital Market, as set forth in Listing Rule 5550(b), given that the Company’s Form 10-Q for the period ended September 30, 2022 evidenced stockholders’ equity of only $2,051,279. The Company was previously under a grace period for the $1.00 bid price requirement, as set forth in Listing Rule 5550(a)(2), that was set to expire on November 29
View on SEC.gov
Listing & Compliance Notices
SEC 8-K Item 3.01
confidence 0.9
SMART FOR LIFE, INC. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5550(a)(2), 5101).
- Exchange
- nasdaq
- Notice
- deficiency notice
- Deficiency
- minimum bid price
- Rules
- 5550(a)(2), 5101
Exact text from the filing
November 28, 2022, the Company received a notification letter from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is not in compliance with the Nasdaq stockholders’ equity requirement of $2,500,000 for continued listing on The Nasdaq Capital Market, as set forth in Listing Rule 5550(b), given that the Company’s Form 10-Q for the period ended September 30, 2022 evidenced stockholders’ equity of only $2,051,279. The Company was previously under a grace period for the $1.00 bid price requirement, as set forth in Listing Rule 5550(a)(2), that was set to expire on November 29
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
SMART FOR LIFE, INC. entered into Lease with 990 S Rogers Circle, LLC (effective 2022-11-28).
- Action
- entry
- Agreement
- lease
- Counterparty
- 990 S Rogers Circle, LLC
- Effective
- 2022-11-28
Exact text from the filing
On November 28, 2022, Smart for Life, Inc. (the “Company”) entered into a lease agreement (the “Lease”) with 990 S Rogers Circle, LLC (the “Landlord”) for a 7,877 square foot premises located in Boca Raton, Florida, which will serve as the Company’s new corporate headquarters.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
SMART FOR LIFE, INC. amended DSO Amendment with Sasson E. Moulavi (effective 2022-11-29).
- Action
- amendment
- Agreement
- notes offering
- Counterparty
- Sasson E. Moulavi
- Effective
- 2022-11-29
Exact text from the filing
On November 29, 2022, the Company entered into a letter agreement with Dr. Moulavi to amend the terms of the DSO Note (the “DSO Amendment”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
SMART FOR LIFE, INC. amended Ceautamed Amendments with holders of most of the Ceautamed Notes (effective 2022-11-28).
- Action
- amendment
- Agreement
- notes offering
- Counterparty
- holders of most of the Ceautamed Notes
- Effective
- 2022-11-28
Exact text from the filing
On November 28, 2022, the Company entered into letter agreements with the holders of most of the Ceautamed Notes to amend the terms of the Ceautamed Notes (the “Ceautamed Amendments”).
View on SEC.gov
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