8-K
SRx Health Solutions, Inc. (SRXH)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 8-K
_______________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 6, 2022
_______________________
Better Choice Company Inc.
(Exact name of Registrant as Specified in its Charter)
_______________________
| Delaware | 001-40477 | 83-4284557 |
|---|---|---|
| (State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
12400 Race Track Road
Tampa, Florida 33626
(Address of Principal Executive Offices) (Zip Code)
_______________________________________________
(Registrant's Telephone Number, Including Area Code): (212) 896-1254
N/A
(Former name or former address, if changed since last report.)
_______________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.001 par value share | BTTR | NYSE American |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure
On July 6, 2022, the Company issued a press release and provided an update via letter to stockholders regarding its current business operations. A copy of the press release and stockholders letter are attached hereto as Exhibits 99.1 and 99.2.
The information in Item 7.01 of this Current Report shall not be deemed to be "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K may contain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Management's projections and expectations are subject to a number of risks and uncertainties that could cause actual performance to differ materially from that predicted or implied. Forward-looking statements may be identified by the use of words such as "expect," "anticipate," "believe," "estimate," "potential," "should" or similar words intended to identify information that is not historical in nature. Forward-looking statements contained herein include, among others, statements concerning management's expectations about future events and the Company’s operating plans and performance, the effects of the COVID-19 outbreak, including levels of consumer, business and economic confidence generally, the regulatory environment, litigation, sales, and the expected benefits of acquisitions, and such statements are based on the current beliefs and expectations of the Company’s management, as applicable, and are subject to known and unknown risks and uncertainties. There are a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. These statements speak only as of the date they are made, and the Company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or industry conditions or other circumstances arising and/or existing since the preparation of this Current Report on Form 8-K or to reflect the occurrence of any unanticipated events. For further information regarding the risks associated with the Company’s business, please refer to the Company’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the most recent fiscal year end, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibits | Description |
|---|---|
| 99.1 | Press release dated July 6, 2022 |
| 99.2 | Shareholder letter dated July 6, 2022 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Better Choice Company Inc. | ||
|---|---|---|
| By: | /s/ Sharla A. Cook | |
| Name: | Sharla A. Cook | |
| Title: | Chief Financial Officer | |
| July 6, 2022 |
3
Document
Better Choice Issues Shareholder Letter with
Mid-Year Update on Recent Achievements
NEW YORK, NY, July 6, 2022 -- Better Choice Company Inc. (NYSE: BTTR) (the “Company” or “Better Choice”), a pet health and wellness company, today is issuing a letter to shareholders providing a mid-year update highlighting the Company’s recent developments and updates.
Recent Company Highlights:
•Halo Elevate is officially on shelf in more than 1,500 pet specialty stores, in part due to the Company’s retail sales team growing from three to ten professionals.
•Launched an Augmented Reality Experience driven by QR code on the back of every Halo Elevate Bag
•Concurrent with the additional of new sales team members, the company has also launched a global marketing campaign titled “The World’s Best Food for the World’s Best Kids” in collaborating with Humanaut, the Company’s creative agency.
◦The campaign consists of a full suite of digital assets on Youtube, Instagram, Facebook and TikTok, generating more than 17 million impressions and 11 million video views in the first month.
•The Company has joined the Russell Microcap® Index, effective June 27, 2022.
“In our last shareholder letter, I said that we are incredibly excited for what was shaping up to be a breakout year in 2022. This still holds true today. We have continued to build on our record first quarter sales, developed and launched a multi-million dollar marketing campaign, promoted two key members of our team and have been added to the Russell Microcap® Index, all in the month of June!” said Scott Lerner, CEO of Better Choice Company.
To view the Company’s Shareholder Letter in its entirety, click HERE.
About Better Choice Company Inc.
Better Choice Company Inc. is a rapidly growing pet 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 pet 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 pet 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
T: 212-896-1254
Valter@KCSA.com
bttrjuneshareholderlette
July 6, 2022 Mid-Year Update: Early Takeaways From The Halo Elevate Launch & Initial Results From Our Global Marketing Campaign To our Shareholders, Now that it is officially July and summer is in full swing, I wanted to reach out to you directly with a general business update. Although you’ll have to wait until mid-August for the official release of our second quarter results, we achieved a number of exciting milestones in Q2 and remain well on track to achieve the goals we laid out at the beginning of this year. As we discussed in May, Halo Elevate is officially on shelf in more than 1,500 pet specialty stores, and our sales team is laser-focused on educating store associates about the benefits of our product. Although we began the year with only three dedicated retail sales team members, we’ve added incremental firepower to support the launch. Since January, our retail sales team has grown to ten individuals, all of whom have proven success in the pet industry. It’s still too early in the launch for us to share material conclusions, but we’ve seen a high level of excitement from district and store level managers about the superior nutrition that Elevate provides, and the ability for store associates to make product comparisons via our Augmented Reality experience has been a game changer. As a reminder, this is driven by QR code on the back of every Halo Elevate bag, and this also lets our marketing team observe in real time which brands potential consumers are comparing us against. Concurrent with the addition of new sales team members, we also launched a global marketing campaign titled “The World’s Best Food for the World’s Best Kids” in June. Although we are only a few weeks in, our campaign is resonating with millennial and Gen Z pet parents in the way we had hoped. We created this campaign in collaboration with our creative agency Humanaut and centered our messaging around the insight that to many pet parents, their pets are their children, an easy segway to emphasize the importance of feeding a super-premium, natural pet food backed by science. If you’d like to learn more, I’d suggest a read of Adweek’s in-depth profile on our campaign, titled “The Best Kids are Fur-Covered in New Campaign from Halo Pets” and a visit to www.HaloPets.com to view our 60 second spot.
The campaign kicked off with a full suite of digital assets on YouTube, Instagram, Facebook and TikTok with strong results. In our first month, we’ve already generated more than 17M impressions and 11M video views, led by a high level of engagement on social. On Tik Tok alone, our video content has been viewed 5M times, with a video completion rate 4x higher than benchmark metrics. Most importantly, our message is resonating with our target demographic and we are seeing significant increases in landing page visits and followers. As we look to the third quarter, we are planning to ramp our marketing spend and use our initial learnings to drive efficiencies. In addition, we are in the process of launching our influencer campaign – driven by dozens of authentic millennial and Gen Z content creators that are pet moms themselves. So far, we are pleased with initial results and are excited to see what the future holds. This month we also announced two major promotions within the Company, with Rob Sauermann becoming our Chief Operating Officer and Donald Young becoming our Chief Sales Officer. Both Rob and Donald have played integral roles in our success to date, so please join me in congratulating them. Another key milestone that I want to mention to all of you is that Better Choice officially joined the Russell Microcap® Index at the conclusion of the 2022 Russell indexes annual reconstitution, effective after the US market opened on June 27, 2022. In our last shareholder letter, I said that we are incredibly excited for what is shaping up to be a breakout year in 2022. This still holds true today. We have continued to build on our record first quarter sales, developed and launched a multi-million dollar marketing campaign, promoted two key members of our team and have been added to the Russell Microcap® Index, all in the month of June! Thank you to all our shareholders and pet parents for joining us on this journey, there is more to come! Company Contacts: Scott Lerner: slerner@bttrco.com Rob Sauermann: rsauermann@bttrco.com Here’s to Growing Together,