Summary by Moomoo AI
Smart for Life, Inc. has reported a series of transactions in a recent Form 8-K filing with the SEC dated June 28, 2024. The company completed an asset disposition on January 29, 2024, where it sold all assets of its subsidiaries to First Health FL LLC, a buyer now 51% owned by affiliates of the buyer and 49% by Smart for Life. The company retains a 49% non-voting interest in the buyer, with voting members Joseph X. Xiras, Stuart Benson, and Ryan Benson holding a 17% voting interest each. Additionally, the voting members have an option to purchase the remaining minority interest at any time after April 1, 2024. Smart for Life and First Group have also amended the terms of a 5% Secured Subordinated Promissory Note, resulting in a new balance of $51,293. On June 19, 2024, an agreement was reached to convert $300,000 of the note's principal into 92,593 shares of common stock and to extend the option exercise date to October 1, 2024.