“We participate in a highly attractive category, at the intersection of the rising consumer behaviors in snacking and growing demand for protein and convenience,” states Chris Boever, Stryve chief executive officer. “We enjoy a portfolio with highly differentiated consumer benefits and unmatched manufacturing capabilities. As previously shared, the brand repositioning has proven successful, and we are experiencing significant increases in retailer and consumer demand. We are pleased with our progress, as it validates the strategic plan that we communicated in early 2023. However, as we have previously shared, the accelerating demand for our products continues to outpace our ability to supply due to liquidity. It is imperative that we secure the working capital necessary for us to meet customer needs and to put us in position to achieve our near-term profitability plan.”

To address these constraints and position the business for sustainable growth, Stryve has been engaged in efforts to secure additional capital. These efforts are ongoing and remain a priority for the company’s management team and board of directors.

Parallel with these capital-raising efforts, the company has initiated a review of strategic alternatives as a means to secure the capital it needs. Potential outcomes of this process include a strategic investment, a business combination, or a sale of the company or its assets. The company has not set a timetable for the conclusion of this process and does not intend to comment further unless and until its board of directors has approved a specific course of action or otherwise determines that further disclosure is appropriate or required by law.

“We’ve made tremendous strides in transforming our business, building strong customer relationships and delivering products that are in high demand,” Boever says. “As we continue to execute on our strategy, we are exploring opportunities to further strengthen our financial position, satisfy our immediate working capital needs, and accelerate growth. We are confident that this process will help us unlock the full potential of our brands and best position the organization for long-term success. We are committed to exploring all viable options to position the company for long-term success and maximize value for our shareholders and stakeholders.”

There is no assurance that the strategic review process will result in any transaction or other strategic change, nor as to its timing or terms.