The Change of Control Offers are being made pursuant to the terms and subject to the conditions set forth in the respective change of control offer to purchase, each dated as of January 9, 2026 (the "Offers to Purchase"). The Change of Control Offers will expire at 5:00 p.m., New York City time, on the date (the "Expiration Date") that is the later of (i) February 9, 2026 and (ii) the date that is one business day prior to the date on which the Merger is consummated (provided such date is no later than Marc ...

Core Viewpoint - Laird Superfood has announced the acquisition of Navitas LLC for $38.5 million, aiming to enhance its position in the functional nutrition market [2][3]. Group 1: Acquisition Details - The acquisition is valued at $38.5 million in cash and is part of Laird Superfood's strategy to create a diversified platform in the functional nutrition space [3]. - Funding for the acquisition will come from a $50 million convertible preferred equity instrument from Nexus Capital Management, with an option to draw an additional $60 million for future strategic opportunities [3]. - The acquisition and related investments are expected to close in the first quarter of 2026, pending customary approvals, including from shareholders [4]. Group 2: About Navitas Organics - Navitas Organics, founded in 2003, is recognized as a pioneer in the superfoods category, specializing in high-quality organic nutrient-dense products [4]. - The product range includes items such as cacao powder, chia seeds, and goji berries, targeting health-conscious consumers [4]. - Navitas has reported annual revenues of nearly $36.4 million [5].

Summary of Laird Superfood Acquisition Announcement Company and Industry - **Company**: Laird Superfood (NYSEAM: LSF) - **Acquisition Target**: Navitas LLC, known for Navitas Organics brand - **Industry**: Functional nutrition and superfoods Core Points and Arguments 1. **Acquisition Details**: Laird Superfood announced the acquisition of Navitas LLC for $38.5 million in cash, funded through a $50 million convertible preferred equity from Nexus Capital Management, with an option for an additional $60 million for future opportunities [2][3] 2. **Navitas Overview**: Founded in 2003, Navitas specializes in organic superfoods with annual revenues of nearly $36.4 million in 2024, aligning with Laird's mission for clean nutrition [3][4] 3. **Financial Performance**: Laird Superfood reported over $43 million in net sales for fiscal year 2024, with a projected growth of 15% in 2025 [3][4] 4. **Strategic Fit**: The acquisition is expected to create a combined pro forma annual revenue of approximately $80 million in 2024, enhancing Laird's position in the superfoods market [4][5] 5. **Synergies**: The merger is anticipated to yield operational synergies through complementary supply chains and distribution channels, enhancing cost efficiency and product accessibility [4][5][16] 6. **Innovation Opportunities**: The combination of Laird's performance-enhancing products and Navitas' raw organic superfoods is expected to foster new product development [5][12] 7. **Market Trends**: The demand for functional, nutrient-dense foods is increasing, particularly post-COVID, as consumers prioritize health and wellness [11][12] 8. **Future M&A Strategy**: Laird plans to actively pursue additional acquisitions in the superfood space, leveraging the partnership with Nexus Capital to build a portfolio of health and wellness brands [11][32][33] Additional Important Content 1. **Channel Mix**: Navitas has a more established wholesale business compared to Laird, while Laird has a stronger direct-to-consumer (DTC) presence, indicating significant cross-selling opportunities [25][26] 2. **Customer Sentiment**: Initial conversations with customers about the merger have been positive, with expectations for continued innovation and support [44][45] 3. **Integration Timeline**: The integration of Navitas into Laird's operations is expected to be straightforward due to the similar size and operational dynamics of both companies [39][40] 4. **Product Portfolio**: Navitas has fewer SKUs but is present in more stores than Laird, suggesting a strong revenue per SKU mix that Laird aims to leverage [42] This summary encapsulates the key points from the Laird Superfood acquisition announcement, highlighting the strategic rationale, financial implications, and future growth opportunities within the functional nutrition industry.

NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating whether the merger of Laird Superfood, Inc. (NYSE: LSF) and Navitas LLC is fair to Laird shareholders. Halper Sadeh encourages Laird shareholders to click here to learn more about their legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or sadeh@halpersadeh.com or zhalper@halpersadeh.com. The investigation concerns whether Laird and its board violated the federal securities laws and ...

Core Insights - Laird Superfood has expanded its Hydrate product line with two new flavors: Wild Berry and Tropical Punch, both containing zero added sugar and real-food ingredients [1][2] - The Hydrate powders include Aquamin™, a red marine algae that provides essential minerals, and are lightly sweetened with monk fruit [2][3] - The full Hydrate lineup now consists of five flavors, including Original, and is available in single-serve sticks and a Variety Pack [4] Product Details - The new Wild Berry flavor features antioxidant-rich berries from Patagonia, while Tropical Punch combines various fruits and real orange oil [1][2] - Each Hydrate product contains electrolytes like sodium and potassium to naturally replenish the body [3] - The Original flavor is made from only two ingredients: coconut water and Aquamin [2] Company Background - Laird Superfood was co-founded by Laird Hamilton and Gabby Reece in 2015, focusing on minimally processed superfood products that support active lifestyles [6] - The brand has expanded its offerings from superfood creamers to include instant lattes, coffees, bars, and prebiotic daily greens [6] - The company's mission is to provide simple ingredients that fuel energy, endurance, and overall well-being [6]

Core Insights - Laird Superfood has launched a new liquid creamer made from USDA Certified Organic ingredients, emphasizing its commitment to clean, minimally processed products [1][2] - The new creamer includes adaptogens and MCTs, and is free from artificial additives, positioning it as a leading option in the market [2] - The product is packaged in a 22-ounce bottle made from post-consumer recycled plastic, reducing its environmental impact [3] Product Details - The new Laird Superfood Creamer with Lion's Mane is available in various flavors, including a new caramel option, catering to diverse consumer preferences [2] - The suggested retail price for the new creamer is $6.49, making it accessible to a wide range of consumers [3] Company Background - Laird Superfood was co-founded by Laird Hamilton and Gabby Reece in 2015, focusing on superfood products that support active lifestyles [5] - The brand has expanded its product line from creamers to include instant lattes, coffees, bars, and prebiotic daily greens, maintaining a commitment to simple and minimally processed ingredients [5]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - VCI Global Limited (VCIG) is up 57% at $2.79 [3] - The Beachbody Company, Inc. (BODI) is up 29% at $6.52 [3] - Cycurion, Inc. (CYCU) is up 29% at $3.41 [3] - BigBear.ai Holdings, Inc. (BBAI) is up 19% at $6.82 [3] - Hallador Energy Company (HNRG) is up 17% at $23.60 [3] - The RealReal, Inc. (REAL) is up 15% at $12.92 [3] - Galecto, Inc. (GLTO) is up 12% at $19.45 [3] - LivePerson, Inc. (LPSN) is up 12% at $5.87 [3] - Rocket Lab Corporation (RKLB) is up 9% at $56.80 [3] - Babcock & Wilcox Enterprises, Inc. (BW) is up 5% at $7.33 [3] Premarket Losers - Vor Biopharma Inc. (VOR) is down 31% at $12.81 [4] - Outset Medical, Inc. (OM) is down 27% at $8.81 [4] - Comtech Telecommunications Corp. (CMTL) is down 15% at $2.54 [4] - Laird Superfood, Inc. (LSF) is down 10% at $3.69 [4] - CoreWeave, Inc. (CRWV) is down 9% at $95.41 [4] - Gemini Space Station, Inc. (GEMI) is down 8% at $15.33 [4] - Precision BioSciences, Inc. (DTIL) is down 8% at $5.56 [4] - iOThree Limited (IOTR) is down 8% at $3.43 [4] - SenesTech, Inc. (SNES) is down 8% at $3.19 [4] - Life360, Inc. (LIF) is down 6% at $87.00 [4]

Core Insights - Laird Superfood, Inc. reported a quarterly loss of $0.03 per share, better than the Zacks Consensus Estimate of a loss of $0.04, marking a 25% earnings surprise [1] - The company generated revenues of $12.9 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 8.54%, but showing an increase from $11.78 million a year ago [2] - The stock has underperformed significantly, losing approximately 47.3% year-to-date compared to the S&P 500's gain of 14.4% [3] Financial Performance - Over the last four quarters, Laird Superfood has surpassed consensus EPS estimates three times [2] - The current consensus EPS estimate for the upcoming quarter is -$0.07 on revenues of $14.6 million, and for the current fiscal year, it is -$0.16 on revenues of $52.4 million [7] Market Outlook - The company's Zacks Rank is currently 3 (Hold), indicating expected performance in line with the market in the near future [6] - The outlook for the Food - Miscellaneous industry, where Laird Superfood operates, is weak, ranking in the bottom 26% of over 250 Zacks industries [8]

Financial Data and Key Metrics Changes - Net sales for Q3 2025 increased by 10% year over year to $12.9 million, with year-to-date sales up 15% to $36.5 million [3][12] - Gross profit for Q3 was $4.7 million, down 7% from the prior year, with gross margin contracting to 36.5% from 43% last year [5][14] - Net loss for Q3 was $1.0 million compared to a loss of $0.2 million in the prior year, primarily due to a $0.7 million impairment charge related to Picky Bars [16][18] Business Line Data and Key Metrics Changes - The wholesale channel saw net sales increase by 39% in Q3, contributing 53% of total net sales, while e-commerce sales declined by 1% year over year [4][13] - Excluding Picky Bars, net sales increased by 14% in Q3, indicating strong underlying fundamentals despite some softness in e-commerce [12][14] Market Data and Key Metrics Changes - The company reported strong consumer demand for core products like coffee creamers and functional beverages, aligning with healthier lifestyle trends [4][6] - E-commerce represented 47% of net sales in Q3, with a noted decline primarily in the direct-to-consumer platform [5][14] Company Strategy and Development Direction - The company is transitioning to a wholesale-led model, focusing on expanding distribution in grocery and club stores [4][6] - A new protein coffee product is set to launch, marking the company's first entry into the dairy market, which is significantly larger than the current plant-based market [8][49] - The decision to discontinue the Picky Bars brand aims to redirect investments towards the core Laird Superfood brand, which is believed to have the strongest potential for scale [9][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to navigate macroeconomic challenges and maintain double-digit growth [10][70] - The company is focused on optimizing its supply chain and managing costs to expand margins over time, despite commodity inflation [10][15] Other Important Information - The company recorded a $661,000 impairment charge related to Picky Bars intangible assets in Q3 [9][16] - Cash balance at the end of Q3 was $5.3 million with no debt, and the company expects to improve cash flows as inventory is sold [17][18] Q&A Session Summary Question: Impact of timing on guidance - Management confirmed that timing issues related to large wholesale customer orders affected both Q3 and Q4 results, but they do not foresee long-term impacts on business health [20][24] Question: Trends in limited time offer products - The company reported a successful year for pumpkin spice products, with strong sales despite a late start with key retailers [38][39] Question: Strategy for Amazon sales - The company aims to grow Amazon sales to replace lost DTC sales, focusing on maintaining competitive pricing and leveraging marketing strategies [40][43] Question: Future dairy product launches - Management confirmed plans to launch additional dairy products within the next 15 months, expanding their product line [54][55] Question: Tariff impacts - The company is assessing the dynamic situation regarding tariffs, with some key raw materials now excluded, and plans to maintain margins in the upper 30% range [64][65]

Financial Data and Key Metrics Changes - Net sales for Q3 2025 increased by 10% year-over-year to $12.9 million, with year-to-date sales up 15% to $36.5 million [3][12] - Gross profit for Q3 was $4.7 million, down 7% from the prior year, with gross margin contracting to 36.5% from 43% last year [5][14] - Net loss for Q3 was $1.0 million compared to a loss of $0.2 million in the prior year, primarily due to a $0.7 million impairment charge related to Picky Bars [16] Business Line Data and Key Metrics Changes - The Wholesale channel saw net sales increase by 39% in Q3 and 40% year-to-date, contributing 53% of net sales in Q3 [4][12] - E-commerce sales represented 47% of total net sales in Q3 but experienced an 11% decline year-over-year, primarily due to softness in the direct-to-consumer platform [5][14] Market Data and Key Metrics Changes - The company reported strong consumer demand for core products like Coffee Creamers and Functional Beverages, aligning with healthier lifestyle trends [4][6] - The Wholesale channel's growth reflects successful distribution expansion in grocery and club stores [3][4] Company Strategy and Development Direction - The company aims to transition to a Wholesale-led model, focusing on expanding distribution and product innovation [4][6] - A new Protein Coffee product is set to launch, marking the company's first entry into the dairy market, which is significantly larger than the plant-based market [8][49] - The decision to discontinue the Picky Bars brand will allow for a redirection of investments towards the core Laird Superfood brand [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about navigating macroeconomic challenges and maintaining double-digit growth despite headwinds in the consumer economy [10][70] - The company expects to hold gross margins in the upper 30% range and achieve breakeven adjusted EBITDA for the full year [18][65] Other Important Information - The company recorded a $661,000 impairment charge related to Picky Bars intangible assets in Q3 [9] - Inventory was reduced by over $1 million in Q3, with expectations for improved cash flows as inventory continues to sell through [9][17] Q&A Session Summary Question: Impact of timing on Q3 and Q4 results - Management confirmed that timing issues related to large wholesale customer orders impacted both Q3 and Q4, but long-term business health remains unaffected [20][24] Question: Trends in limited time offer products - Management noted a successful year for Pumpkin Spice Creamer, with strong sales despite a late start in distribution [38][39] Question: Strategy for Amazon sales to replace lost DTC sales - The company plans to focus on Amazon for online growth while maintaining DTC as a platform for broader product offerings and consumer education [40][44] Question: Future dairy product launches - Management confirmed plans for additional dairy products within the next 15 months, expanding the product line beyond Protein Coffee [54][55] Question: Tariff impacts and Club promotions - Tariffs have had a dynamic impact, with some key raw materials excluded from tariffs, and the company plans to continue executing its strategy in the Club channel [64][65]