Better Choice Announces Conversion of $ 23 Million of Outstanding Debt to Common Stock Concurrently with Uplist to NYSE American
39% of common stock holders under 180 day lock-up agreements
NEW YORK, June 30, 2021 (GLOBE NEWSWIRE) – Better Choice Company (NYSE American: BTTR) (âBetter Choiceâ or âthe Companyâ), an animal health and welfare company, today announced the conversion of approximately $ 23.0 million of convertibles into common stock concurrent with the Company’s listing on the NYSE American.
Under the terms of the convertible notes, holders will receive common shares at a conversion price equal to the public offering price of $ 5.00 per share, representing approximately 4.6 million common shares in aggregate. In addition, all convertible note holders remain subject to a 180-day lock-in period after conversion. Along with the board of directors, insiders and management, approximately 39% of all common stock holders will have entered into 180-day lock-in agreements.
Michael Young, President of Better Choice, said: âFollowing the conversion of the convertible notes and the estimated receipt of approximately $ 40.0 million in gross proceeds, Better Choice will have net cash in excess of $ 30.0 million. of dollars, with the only debt remaining on the Company’s balance sheet a credit facility of $ 12.0 million bearing interest at LIBOR plus 250 basis points.
âWith the fundraising and upgrade now complete, Scott and his team can focus on both domestic and international organic growth on our omnichannel platform and assess potential acquisition opportunities,â continued Mr. Young.
âAfter months of preparation, I am incredibly excited to be officially listed on NYSE American, which will only increase our visibility as a company going forward. Now that we have secured capital for growth and have the team in place to execute it, we are well on our way to becoming the most innovative premium pet foot company in the world. Said CEO Scott Lerner.
About Better Choice Company, Inc.
Better Choice Company Inc. is a growing animal health and welfare company committed to leading the industry’s shift towards pet products and services that help dogs and cats live healthy lives. better health, happier and longer. We take an alternative, nutrition-based approach to animal health to conventional dog and cat food offerings and position our brand portfolio to benefit from the prevailing trends in the growing humanization of companion animals and the world. consumer focus on health and wellness. We have a proven track record of decades of successful selling trusted animal health and welfare products and leverage our established digital footprint to provide pet parents with the knowledge to make informed decisions. concerning the health of their pets. We sell the majority of our dog food, cat food and treats under the Halo and TruDog brands, which focus, respectively, on providing sustainably sourced kibble and canned foods derived from real whole meat, and raw and minimally processed dog food and treats. . For more information, please visit https://www.betterchoicecompany.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words âbelieveâ, âmayâ, âestimateâ, âcontinueâ, âanticipateâ, âintendâ, “Should,” ‘The Company has based these forward-looking statements in large part on our current expectations and projections regarding future events and financial trends which we believe could affect our financial condition, results of operations, business strategy and our financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Further information on the Company’s risk factors is contained in our filings with the SEC. Any forward-looking statements we make here speak only as of the date on which they are made. Factors or events that could cause our actual results to vary may occur from time to time and we cannot predict all of them. The Company assumes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Company details :
Best Choice Company, Inc.
Scott Lerner, CEO
KCSA strategic communication
Valter Pinto, Managing Director