Innovative Food Holdings, a Bonita Springs national seller of gourmet specialty foods to professional chefs, is making several corporate changes to end 2024, including an effort to raise $3.25 million in new equity capital.
The changes, announced in a statement, include:
The company, with $72.21 million in revenue in 2023, will rebrand under the name Harvest Group Holdings Inc. The name, company officials say, reflects the dramatic changes in focus and business model of the last 18 months. “These actions have included divesting, inactivating, or shutting down eight previously operating entities within the corporate structure, while simultaneously launching a new large retail business and new customers within its drop ship business,” a release states. “The new name underscores IVFH’s commitment to its vision of delivering fresh and artisanal products from as close to the source as possible, while still being a broad enough brand to encompass the many growth opportunities ahead.”
Innovative Food Holdings CEO Bill Bennett
Courtesy image
The company website, logo and other branding will be updated over the coming weeks after the finalization of the name change.
Reverse stock split: the company has issued a reverse stock split of the company’s common stock, traded over the county under the symbol IVFH, at a ratio between one-for-three and one-for-seven. The move, the company says, “may enable the company’s share price to meet the stock price element of the initial listing requirements” to be listed on the Nasdaq exchange. Shares were trading at $1.80 as of mid-morning Tuesday.
The company is also issuing 2,031,250 shares of common stock at $1.60 per share, aiming to raise gross proceeds of $3.25 million. The capital raised will be used to enhance working capital and fund general corporate purposes, the release states in addition to meeting the minimum shareholder equity requirements of Nasdaq. Pending all necessary approvals, the company hopes to complete the uplisting process for Nasdaq in the first half of 2025.
“These milestones represent a transformative chapter for our company as we continue to build a strong foundation for future success,” CEO Bill Bennett says. “The name change to Harvest Group Holdings reflects our vision for future growth and broader market opportunities. Combined with the reverse stock split and new equity capital, these initiatives will drive shareholder value, prepare us for a Nasdaq uplisting and enhance our ability to serve the evolving needs of our customers and partners.”
Mark Gordon is the managing editor of the Business Observer. He has worked for the Business Observer since 2005. He previously worked for newspapers and magazines in upstate New York, suburban Philadelphia and Jacksonville.
