Smart for Life, Inc. (SMFL) has released an update to notify the public and investors about an entry into a material definitive agreement.
On January 29, 2024, Smart for Life, Inc. sold the assets of its subsidiaries, Ceautamed Worldwide, LLC and its related entities, to First Health FL LLC, in a deal partially owned by affiliates of the buyer and the company itself. The transaction was valued at $3,486,233, including debt payment and assumption of liabilities. Concurrently, the company amended a note purchase agreement, adjusting the principal amount due and outlining repayment terms and conditions, including interest rates and potential fees for late payments. Additionally, the company agreed to various scenarios where a percentage of proceeds from funding activities would be paid to the note holder. Related financial instruments were also amended, with some buyer notes being forgiven and discharged.
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For a comprehensive understanding of the announcement, you can read the full document here.
