Functional Brands shareholders approve reverse split for $142.9M acquisition

Functional Brands Inc. (NASDAQ: MEHA) announced that shareholders voted to authorize a reverse stock split, removing a key obstacle to closing its $142.9 million acquisition of BullionFX | Alchemy.

The acquisition involves a gold-backed decentralized finance platform that targets retail, institutional, and blockchain markets. The transaction is structured as an all-stock deal, according to the company's statement.

The reverse stock split ratio will be determined by the Board of Directors within an authorized range before the effective date. Functional Brands said it will submit the required corporate action notification to NASDAQ pursuant to Rule 5250(e)(8).

"The shareholder vote is behind us. What's in front of us is the thing that matters — activating the Alchemy platform and closing this transaction," said Eric Gripentrog, Chief Executive Officer.

The company indicated that remaining acquisition closing conditions are advancing and plans to provide regular updates on deal progress in coming weeks.

Functional Brands operates in the wellness and performance products sector, with a portfolio that includes Kirkman nutritional supplements and Tru2u.health telehealth platform. The company maintains an FDA-registered, cGMP-compliant manufacturing facility in Oregon.

BullionFX | Alchemy operates as a blockchain settlement layer with stablecoins, lending protocols, and yield products designed for Ethereum-based interoperability.

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