secwatch.observer — SEC 8-K summary
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Issuer:     SMART FOR LIFE, INC. (—)
CIK:        0001851860
Form:       8-K
Filed at:   2023-05-30T23:59:59+00:00
Accession:  0001213900-23-043695
Event type: other_material
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 3.03, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Smart for Life converts $5.8M debt to equity, nets $4.1M from warrant exercise; regains Nasdaq equity compliance
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- Over $5.8M of debt and $1.2M of executive/board deferred comp converted into Series B preferred stock convertible at $2.23/share.
- Warrant inducement: 3,513,750 warrants exercised at $1.30/share for $4.5M gross ($4.1M net); new warrants for 7,027,500 shares at $2.17, 5.5-year term.
- Nasdaq granted extension to May 30, 2023; company now has stockholders' equity above $2.5M minimum.
- Executive Chairman A. Cervantes converted $827,494 deferred comp into 3,711 Series B shares; CEO D. Minton converted $350,826 into 1,574 shares.
- New 6% Secured Subordinated Promissory Note of $1,734,950 issued to Dr. Moulavi for unconverted principal and interest.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1851860/000121390023043695/0001213900-23-043695-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1851860/000121390023043695/ea179431-8k_smartfor.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-043695

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer