Innovative Food Holdings Announces Name Change and Private Placement

Innovative Food Holdings (OTCMKTS: IVFH), a Florida-based corporation, disclosed in an SEC filing on November 30, 2024, that a majority of its voting stockholders have approved a series of strategic initiatives. The stockholders representing approximately 50.9% of the company’s capital stock signed a written consent supporting a change in the company’s name to Harvest Group Holdings, Inc. Additionally, the approval included authority for a reverse stock split within a range of one-for-three to one-for-seven. This move is aimed towards facilitating a potential listing of the company’s common stock on the Nasdaq Stock Market LLC.

The Board of Directors at Innovative Food Holdings has also sanctioned these changes, believing they are in the best interest of the company. A Schedule 14C information statement, in compliance with SEC regulations, will be filed and distributed to the stockholders reflecting these decisions.

In a press release issued on December 5, 2024, the company publicly announced the proposed Name Change, Reverse Stock Split, and an upcoming Private Placement. Furthermore, the company has entered into securities purchase agreements with several investors for the issuance and sale of approximately 2,031,250 shares of common stock at a price of $1.60 per share. The Private Placement, valued at $3,250,000, is expected to close within ten business days.

The Private Placement includes standard representations and warranties of the company and investors, along with customary closing conditions. Investors under this agreement will be granted piggyback registration rights. Innovative Food Holdings intends to deploy the net proceeds from the Private Placement towards general corporate purposes and to bolster its working capital.

It is noteworthy that the issuance of shares to investors under the Private Placement will not be registered under the Securities Act of 1933, instead relying on exemptions as per Section 4(a)(2) of the Securities Act or Regulation D.

For further details, interested parties can refer to the company’s press release dated December 5, 2024, attached as Exhibit 99.1 to the Form 8-K filing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Innovative Food’s 8K filing here.

Innovative Food Company Profile

Innovative Food Holdings, Inc, through its subsidiaries, distributes specialty food and food related products to restaurants, hotels, country clubs, national chain accounts, casinos, hospitals, and catering houses in the United States. The company distributes perishable and specialty food and food related products, including origin-specific seafood, domestic and imported meats, exotic game and poultry, artisanal cheeses, freshly prepared meals, caviar, wild and cultivated mushrooms, micro-greens, organic farmed and manufactured food products, estate-bottled olive oils and aged vinegars, and curated food gift baskets and gift boxes, as well as a full range of food subscription based offerings.