Smart for Life Announces Closing of $900,000 Registered Direct Offering Priced At-The-Market Under Nasdaq Rules

MIAMI, May 05, 2023 (GLOBE NEWSWIRE) — Smart for Life, Inc. (Nasdaq:SMFL) (“Smart for Life” or the “Company”), a high growth global leader in the Health & Wellness sector marketing and manufacturing nutritional foods and supplements worldwide, today announced that it has closed its previously announced registered direct offering with a single institutional investor for the purchase and sale of 280,601 shares of the Company’s common stock (or common stock equivalents) at a purchase price of $3.205 per share of common stock priced at-the-market under Nasdaq rules. In addition, in a concurrent private placement, the Company issued to the investor unregistered common stock purchase warrants (the “Warrants”). The Warrants to purchase up to 280,601 shares of common stock have an exercise price of $3.08 per share and are immediately exercisable for a period of five and one-half years following issuance.

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