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Smart for Life, Inc., a company specializing in medicinal chemicals and botanical products, has been officially delisted from The Nasdaq Capital Market. The delisting was effective as of September 19, 2024, following a decision by a Nasdaq hearings panel due to the company's noncompliance with several listing requirements.
Previously, on December 5, 2023, Smart for Life received a notification from Nasdaq indicating that the company did not meet the stockholders' equity requirement of $2.5 million, as its stockholders' equity was reported at $951,836 for the period ended September 30, 2023. The company requested an appeal, which led to a hearing on March 12, 2024.
Further complicating the company's standing with Nasdaq, Smart for Life failed to hold an annual shareholders' meeting in 2023 and was delinquent in filing its Annual Report on Form 10-K for the year ended December 31, 2023, as well as its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, and June 30, 2024. These issues were also considered by the hearings panel in their determination.
After the hearings panel's decision to delist the company's securities, Smart for Life's common stock began trading on the OTC Markets under the ticker symbol "SMFL."
The recent developments follow a name change from the former Bonne Sante Group, Inc. to Smart for Life, Inc., which occurred on March 17, 2021. Despite the shift to the OTC Markets, Smart for Life remains operational and continues to serve its customers.
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