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Better Choice Announces Conversion of $23 Million of Outstanding Debt Into Common Equity Concurrent With Uplist to NYSE American

30 Jun 2021 Wiz_Merlin Comments Off
39% of Common Equity Holders Under 180-Day Lock-Up Agreements

NEW YORK, June 30, 2021 — Better Choice Company (NYSE American: BTTR) (“Better Choice” or “the Company”), an animal health and wellness company, today announced the conversion of approximately $23.0 million of convertible notes into common equity concurrent with the Company’s uplist to the NYSE American.

Per the terms of the convertible notes, the 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-up period post-conversion. Together with the board, insiders and management, approximately 39% of all common equity holders will have entered into 180-day lock-up agreements.

Michael Young, Chairman of Better Choice, stated, “Following the conversion of the convertible notes and the estimated receipt of approximately $40.0 million of gross proceeds, Better Choice will have a net cash position of greater than $30.0 million, with the only remaining debt on the Company’s balance sheet a $12.0 million credit facility bearing interest of LIBOR plus 250 basis points.”

“With the equity raise and uplist now complete, Scott and his team can focus on delivering organic growth both domestically and internationally across our omni-channel platform and evaluating potential acquisition opportunities,” continued Mr. Young.

“After months of preparation, I am incredibly excited to officially list on the NYSE American, which will only increase our visibility as a Company going forward. Now that we’ve secured capital for growth and have the team in place to execute, we are well on our way to becoming the most innovative premium pet food company in the world,” said CEO Scott Lerner.

About Better Choice Company, Inc.
Better Choice Company Inc. is a growing animal health and wellness company committed to leading the industry shift toward pet products and services that help dogs and cats live healthier, happier and longer lives. We take an alternative, nutrition-based approach to animal health relative to conventional dog and cat food offerings and position our portfolio of brands to benefit from the mainstream trends of growing pet humanization and consumer focus on health and wellness. We have a demonstrated, multi-decade track record of success selling trusted animal health and wellness products and leverage our established digital footprint to provide pet parents with the knowledge to make informed decisions about their pet’s health. We sell the majority of our dog food, cat food and treats under the Halo and TruDog brands, which are focused, respectively, on providing sustainably sourced kibble and canned food derived from real whole meat, and minimally processed raw-diet dog food and treats. For more information, please visit¬†https://www.betterchoicecompany.com.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about 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 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 statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Company Contact:
Better Choice Company, Inc.
Scott Lerner, CEO

Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
PH: 212-896-1254
Valter@KCSA.com


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