Smart for Life, Inc. (OTC Pink Market:SMFL), a medicinal chemicals and botanical products company, reported on Friday a significant change in its executive team. The company's Chief Financial Officer, Alan Bergman, resigned from his position, effective immediately on Monday, December 9, 2024.
Bergman's departure was attributed to his decision to pursue a different opportunity and was not due to any disagreements with Smart for Life regarding its operations, policies, or practices. According to InvestingPro data, the company maintains a gross profit margin of 37.57%, despite facing significant challenges with a current market capitalization of just $0.1 million.
Following Bergman's resignation, Darren Minton, the current Chief Executive Officer of Smart for Life, will also take on the role of Chief Financial Officer starting from the same date as Bergman's departure. The company has not indicated whether it is seeking a new CFO or if Minton will serve in both capacities indefinitely.
InvestingPro analysis reveals concerning financial health metrics, with a current ratio of 0.11, indicating potential liquidity challenges. Subscribers can access 15+ additional ProTips and comprehensive financial metrics to better understand the company's position.
Smart for Life, previously known as Bonne Sante Group, Inc., underwent a name change on March 17, 2021, and is based in Miami, Florida. The company's stock was delisted from The Nasdaq Capital Market following a September 17, 2024 notification from Nasdaq, with trading suspended two days later.
The deregistration from Section 12(b) of the Act will become effective after 90 days or sooner, as determined by the U.S. Securities and Exchange Commission. Currently, Smart for Life's common stock is quoted on the OTC Pink Market under the symbol "SMFL".
This executive shift comes after the company's common stock was moved to the OTC Pink Market from Nasdaq, reflecting a period of transition for Smart for Life. The information regarding these corporate changes was based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, Smart for Life, a Nevada-based medicinal chemicals and botanical products company, has undergone significant changes in its financial oversight structure. The company replaced its previous independent registered public accounting firm, RBSM LLP, with TAAD LLP. This shift was approved by the audit committee of the company's board of directors.
Smart for Life's relationship with RBSM LLP ended without any disagreements on accounting principles or practices, financial statement disclosure, or auditing scope or procedure. Now, TAAD LLP will serve as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024.
In addition, Smart for Life has been delisted from The Nasdaq Capital Market due to noncompliance with several listing requirements. The company fell short of the required stockholders' equity of $2.5 million, reporting only $951,836 for the period that ended in September 2023. Also, the company failed to conduct an annual shareholders' meeting in 2023 and was late in filing its annual and quarterly reports for the same year and the first half of 2024.
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