Summary by Futu AI
Smart for Life, Inc. has successfully completed a strategic financial transaction involving the exercise of existing warrants and the issuance of new warrants. On December 4, 2023, the company initially issued warrants for the purchase of 250,572 shares of common stock at $10.64 per share to accredited investors. As of the recent update, 183,370 of these warrants remained outstanding. On May 30, 2024, Smart for Life entered into inducement letters with the holders of these existing warrants, agreeing to a reduced exercise price of $4.25 per share, resulting in gross proceeds of $779,322.50. In exchange for the immediate cash exercise of these warrants, the company issued new warrants for the purchase of 550,110 shares of common stock. The transaction closed on June 3, 2024, with the new warrants exercisable for eighteen months...Show More