JUPITER, Fla. - Safety Shot, Inc. (NASDAQ:SHOT), the wellness company known for developing the first rapid alcohol reducer, announced today that it has received a Notice of Allowance for a U.S. patent covering its latest formula designed to lower blood alcohol content (BAC). This addition to their patent portfolio aims to strengthen the company's position in the market by supporting alcohol metabolism within 30 minutes.
The Chief Operating Officer of Safety Shot, David Sandler, highlighted the significance of this patent as a milestone, emphasizing the company's leadership in a new category dedicated to addressing alcohol-related issues. The patented formula is clinically backed and is said to offer advantages such as faster alcohol removal, improved cognitive ability, and reduced impairment.
CEO Jarret Boon noted the enforceable nature of the patent, which underscores the company's commitment to consumer solutions and positions Safety Shot against competitors with less effective products. The company's ongoing research and development efforts continue to focus on advancing the science behind their patented formula, which is available in various formats.
Safety Shot's product, which supports BAC metabolism and enhances clarity, energy, and mood, is available for purchase online and is slated for broader distribution to businesses throughout 2024.
The information in this article is based on a press release statement from Safety Shot, Inc.
In other recent news, Safety Shot, Inc. has made significant strides in various areas. The company has secured a patent for a formula designed to rapidly reduce blood alcohol content (BAC). In addition, the company's President, Jordan Schur, has backed the company with a $3.4 million investment through Core 4 Capital Corp. This investment is part of a series of funding initiatives totaling $9.4 million this year.
On the product development front, Safety Shot's clinical study demonstrated the product's efficacy in reducing BAC and alleviating hangover symptoms, leading to a marked decrease in acetaldehyde often associated with hangover symptoms. The company has also expanded its product range, which includes a 12oz drink, a 4oz shot, and a dry powder stick pack, all featuring the patented formula.
Safety Shot has secured partnerships with Atlantic Beverage Distributors, Prime CSB, and KeHE Distributors, enhancing its product reach across the United States. The company has also adopted a new equity incentive plan, approved by shareholders, which reserves 15,000,000 shares of common stock for key personnel. However, Safety Shot ended its partnership with professional boxer Ryan Garcia due to a breach of the company's zero-tolerance policy towards discrimination and hate speech. These are the recent developments for Safety Shot, Inc.
InvestingPro Insights
As Safety Shot, Inc. (NASDAQ:SHOT) celebrates its latest patent milestone, investors are keen to understand the financial health and potential of the company. According to InvestingPro data, Safety Shot holds a market capitalization of $51.39 million, reflecting the size of the company in the competitive wellness market.
Two notable InvestingPro Tips for Safety Shot indicate a mixed financial landscape. Firstly, analysts anticipate sales growth in the current year, which could be buoyed by the new patent and subsequent product developments. This optimism is further supported by a remarkable revenue growth of 128.94% over the last twelve months as of Q2 2024. Secondly, despite this projected sales growth, the company is quickly burning through cash, which raises concerns about its long-term financial sustainability and may require careful monitoring by potential investors. Additionally, with a Price / Book ratio of 7.65 as of Q2 2024, the company is trading at a high valuation multiple relative to its book value.
It's also worth noting that the stock has experienced significant price volatility, with a 35.54% return over the last month, yet a substantial 50.68% decline over the last six months as of the same date. Investors may want to consider these swings in the context of the company's broader financial performance and market position.
For those interested in a deeper analysis, InvestingPro offers additional tips on Safety Shot, Inc., which can be found at InvestingPro. These insights could provide valuable context for the company's recent developments and future prospects.
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