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NEW YORK - Better Choice Company Inc. (NYSE American: BTTR), a pet health and wellness firm, announced today the formation of a special committee to evaluate potential mergers and acquisitions (M&A), asset monetization opportunities, and joint ventures. The committee is tasked with exploring various corporate transactions that could benefit shareholders.
The newly formed committee comprises Lionel Conacher, John Word III, and Michael Young, with Mr. Young serving as the Chairman. This strategic move comes after the resolution of a litigation settlement that ended the right of first refusal held by Alphia Inc., which the company cites as a significant impediment previously obstructing its pursuit of corporate transactions.
Better Choice Company, known for its Halo brand of pet products, emphasizes an alternative, nutrition-based approach to pet health. The company's portfolio is designed to align with the increasing trend of pet humanization and consumer focus on health and wellness.
The company's decision to potentially engage with candidates for M&A activities, including those who have previously shown interest, signals a proactive approach to growth and shareholder value enhancement.
Better Choice's forward-looking statements indicate a strategic focus on future events and financial trends that may impact the company's financial condition and business operations. However, they caution that not all anticipated results may be achieved and that actual results could differ due to various factors.
The company has expressed no obligation to update any forward-looking statements publicly, except as required by law, acknowledging the unpredictable nature of business developments.
This announcement is based on a press release statement from Better Choice Company Inc. and reflects the company's current plans for assessing and engaging in potential corporate transactions to advance its position in the pet health and wellness industry.
In other recent news, Better Choice Co Inc., a player in the beverages sector, has wrapped up an additional sale of shares following the underwriters' exercise of an over-allotment option. This development led to the company amassing approximately $5.3 million in gross proceeds. The initial public offering, involving 639,000 shares of common stock and pre-funded warrants for 1,028,000 shares, was expected to yield around $5.0 million before deductions.
After this, the underwriters opted to buy an extra 100,000 shares of common stock at the same price, pushing the total funds raised to about $5.3 million, excluding underwriting discounts, commissions, and other costs. These recent developments provide Better Choice with additional capital for general corporate purposes. The offering and subsequent sale of shares were conducted under the company's registration statement on Form S-1.
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