Smart for Life (NASDAQ:SMFL) stock is heading higher on Thursday after the nutraceutical company announced the completion of a restructuring plan.
Smart for Life underwent several changes as a result of this, with the goal of preparing the company for its next stage of business. Some of them include recapitalization, selling non-performing assets, selling and leasing back its Doral manufacturing facility, selling 51% of Ceautamed Worldwide and liquidating its senior debt facility with Diamond Creek Capital.
Darren Minton, CEO of Smart for Life, described the changes brought on by this restructuring as follows:
“These initiatives have strengthened our balance sheet, yielding an expected net shareholder’s equity of $6 million. Additionally, we have reduced losses across all fronts, significantly enhancing the financial viability of Smart for Life. We are now poised to substantially expand our pipeline of potential acquisitions as part of our Buy-and-Build strategy.”
To go along with these changes, Smart for Life has added Heather Granato and Loren Brown to its board of directors. These are both experts in the nutraceutical sector.
SMFL Stock Movement Today
With this news comes heavy trading of SMFL shares today. As of this writing, more than 7 million shares of the stock have changed hands, well above its daily average trading volume of about 922,000 shares.
SMFL stock is up 70.8% as of Thursday morning.
Investors will want to keep reading for all of the latest stock market stories!
We have all of the hottest stock market news available on Thursday! Among that is what has shares of Cue Health (NASDAQ:HLTH) stock up, the biggest pre-market stock movers this morning and more. All of that info is available below!
More Stock Market News for Thursday
- Why Is Cue Health (HLTH) Stock Up 99% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- Trade of the Day: Buy A-Mark Precious Metals (AMRK) Stock as Gold Fever Rages
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
