Better Choice Company Provides Shareholder Update on Balance Sheet

Pro Forma Adjusted Net Tangible Book Value Per Share (NTBVPS) Increases 6% to $4.07 per share

Pro Forma Adjusted Net Current Asset Value Per Share (NCAVPS) Increases 16% to $3.94 per share

TAMPA, Fla., Sept. 05, 2024 (GLOBE NEWSWIRE) -- Better Choice Company, Inc. (NYSE American: BTTR) (“Better Choice” or the “Company”), a pet health and wellness company, today provides shareholders with an update on its pro-forma and as-adjusted balance sheet.

Michael Young, Better Choice Chairman of the Board, commented, “We are pleased to provide our shareholders with an update on our balance sheet, before the anticipated closing of our acquisition of SRx Health. Net of debt, Better Choice cash and other current assets as of June 30, 2024 was $3.94 per share². After the closing of our SRx acquisition, we believe there to be additional value to our shareholders.”

As of June 30, 2024, on a pro-forma and as-adjusted basis, Better Choice had an adjusted net tangible book value (“NTBV”) of $10.9 million, or $4.07 per share¹. Additionally, pro-forma and as-adjusted net current asset value (“NCAV”) was $10.6 million, or $3.94 per share². The pro-forma and as-adjusted values give effect to: (i) the consummation of the Company’s registered public offering of its common stock and prefunded warrants as described in the Company’s prospectus filed with the SEC on July 31, 2024 (the “Offering”); and (ii) payment of $4.7 million of trade accounts payable at an approximate 56% discount pursuant to the previously announced settlement agreement entered into on June 20, 2024 with Alphia, Inc.

As previously announced, Better Choice has entered into a definitive agreement to acquire SRx Health Solutions Inc. (“SRx Health”). The transaction has been approved by the Board of Directors of both companies. The closing of the transaction is subject to customary closing conditions, including the receipt of required stockholder approvals from SRx Health and Better Choice. The transaction is expected to close in the fourth quarter of 2024.

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 brand, which is 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.
Kent Cunningham, CEO

Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
T: 212-896-1254
[email protected]

^{(1) Net tangible book value per share is determined by dividing our total tangible assets, less total liabilities, by 2.7 million shares outstanding immediately after the Offering assuming exercise of all 1,028,000 pre-funded warrants sold (the “Pre-Funded Warrants”), on a pro-forma and as adjusted basis giving effect to the above referenced items.
(2) Net current asset value per share is determined by dividing total current assets, less total current liabilities, by 2.7 million shares outstanding immediately after the Offering assuming exercise of all the Pre-Funded Warrants, on a pro-forma and as adjusted basis giving effect to the above referenced items.}