Senior secured debt of $5 million principal plus fully drawn interest and approximately $5 million in other debt to be eliminated at 56% of face value within 90 days
Additionally, 335,640 outstanding warrants at $11.44 were fully withdrawn
NEW YORK, June 20, 2024 (GLOBE NEWSWIRE) — Better Choice Company (NYSE: BTTR) («Better Choice» or the «Company»), a pet health and wellness company, announced today that it has reached an amicable settlement with Alphia, Inc. («Alphia») dismissing the Company’s ongoing litigation with Alphia and resulting in the retirement of its senior secured debt comprising $5.0 million in principal and $0.4 million in accrued interest in kind payable on March 31, 2024 .The Company has also retired 335,640 warrants at a strike price of $11.44 per share that were set to expire in 2028. Additionally, the Company has entered into an agreement with Alphia to eliminate approximately $5.0 million of other indebtedness with savings of up to $2.7 million if paid within 90 days.
Michael Young, Chairman of the Board, commented: “With the retirement of our senior debt, the plan to eliminate most of our accounts payable and our expanded manufacturing relationship with Alphia, we are now positioned for growth and benefit. We have 100% confidence in Kent Cunningham, Nina Martinez and the rest of the management team. We look forward to updating our shareholders on the quarter in the coming weeks.”
About Better Choice Company Inc.
Better Choice Company Inc. is a fast-growing pet health and wellness company focused on providing pet products and services that help dogs and cats live healthier, happier and longer lives. We offer a broad portfolio of pet health and wellness products for dogs and cats, sold under our Halo brand in multiple forms, including treats, treats, treats, dental products, chews and supplements. We have a proven, multi-decade track record of success and are well-positioned to capitalize on key trends of growing pet humanization and consumer focus on health and wellness. Our products consist of canned dog and cat foods, freeze-dried raw dog food and treats, vegan dog food and treats, oral care products and supplements. Halo’s flagship products are made with high-quality ingredients, thoughtfully sourced for natural, science-based nutrition. Each innovative recipe is formulated with leading veterinary and nutrition experts to deliver optimal health. For more information, please visit betterchoicecompany.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Reform Act of 1995. The words «believe,» «may,» «estimate,» «continue,» «anticipate,» «intend,» » should, «plan,» «may,» «potential,» «likely,» «expect,» and similar expressions, as they relate to us, are intended to identify forward-looking statements has based these forward-looking statements primarily on our current expectations and projections of future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs.Some or all of the anticipated results of these forward-looking statements may not.Further information on the Company’s risk factors is contained in our filings with the SEC.Any forward-looking statements made by us speak only as of the date on which they are made that our actual results may vary may occur from time to time and it is not possible for us to predict all of them. The Company does not undertake to update publicly any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.
Company contact:
Better Choice Company Inc.
Kent Cunningham, CEO
Investor contact:
KKSA Strategic Communications
Valter Pinto, Managing Director
T: 212-896-1254
Walter@KCSA.com
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