Stryve Foods announces preliminary Q2 revenue growth and 1-for-15 reverse stock split to regain Nasdaq compliance

STRYVE FOODS, INC.

Preliminary Q2 net revenue $5.8-6.0M, +26-30% sequential growth from Q1 2023.
Preliminary Adjusted EBITDA loss $2.4-2.7M, improved $8.7-9.0M YoY and $0.8-1.1M sequentially.
Retail dollar sales +38% YoY per SPINs data through June 18, 2023; distribution points +19%.
Board authorized 1-for-15 reverse stock split effective July 14, 2023, to regain Nasdaq $1 bid price compliance.
Outstanding Class A shares will reduce from ~26.4M to ~1.76M; warrants adjust to 0.0666667 shares at $172.50.

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Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

STRYVE FOODS, INC. reported second quarter of 2023 results: revenue $5.8 million to $6.0 million.

Period: second quarter of 2023
Revenue: $5.8 million to $6.0 million
Result: preliminary results

Exact text from the filing

The Company’s preliminary estimates for net revenue will be within a range of $5.8 million to $6.0 million for the quarter ended June 30, 2023

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

STRYVE FOODS, INC.: Filed a First Certificate of Amendment to effect a 1-for-15 reverse stock split of Class A and V common stock and reduce authorized shares of Class V common stock from 200 million to 15 million (effective 2023-07-14).

Change: charter amendment
Effective: 2023-07-14

Exact text from the filing

Stryve Foods, Inc. (the “Company”) filed a First Certificate of Amendment to its First Amended and Restated Certificate of Incorporation (the “Certificate”) to be effective as of 12:01 a.m. EST on July 14, 2023 authorizing a 1-for-15 reverse stock split of the issued and outstanding shares of Class A and V common stock (the “Reverse Stock Split”).

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Source: SEC EDGAR

accession 0001493152-23-024391

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