Smart for Life Eyeing 4 Acquisitions to Help Meet $100 Million Sales Target; Shares Soar Premarket

05:47 AM EDT, 08/27/2024 (MT Newswires) -- Smart for Life (SMFL) said late Monday that it is negotiating four health and wellness-related acquisitions while exploring "additional prospects as part of its post-restructuring strategy" to achieve its $100 million revenue goal set out previously.

"With restructuring complete, we are aggressively advancing our [mergers and acquisitions] efforts," Chairman A J Cervantes, Jr. said.

Shares of the company soared more than 44% in premarket Tuesday.

The four targets in the fray include Purely Optimal Nutrition and a "wholesale manufacturer and distributor," the company said.

The company aims to acquire US and foreign nutraceutical companies with $5 million to $25 million in annual revenue, "prioritizing innovation, quality, and organic growth," Cervantes said. "We remain committed to reaching our $100 million revenue goal through organic growth and strategic acquisitions."

Price: 1.5598, Change: +0.48, Percent Change: +44.43