LONDON, UK / ACCESSWIRE / August 3, 2021 / Rapid Nutrition PLC (Euronext Growth:ALRPD)(OTCQB:RPNRF), a natural healthcare company focused on sports nutrition, diet management and life sciences products with growing global distribution, further streamlined the company's balance sheet to pursue its industry-specific consolidation strategy and heighten investor confidence.
The company is pleased to announce it has recently completed a cashless transaction allowing Rapid Nutrition to receive back about 1.4 million shares from a major shareholder, Motivate Technologies, inc. ("MHT"). In return, Rapid Nutrition will relinquish its shares held in MHT, which were difficult to value based on the pandemic's impact and as a result the Company had written down the value of its financial assets in MHT on its balance sheet, as disclosed in the company's most recent annual report. The transaction enables Rapid Nutrition to receive back 100 percent of its initial investment in MHT and has no impact on Rapid Nutrition's underlying core business.
"We are pleased to further control our own destiny as management continues to deliver on key milestones and financial objectives this year," said Rapid Nutrition CEO Simon St. Ledger. "We believe in the value of Rapid Nutrition shares as we continue to strengthen both our balance sheet and position in the global health and wellness market."
About Rapid Nutrition
Dedicated to the development and distribution of premium, science-based health and wellness brands across the globe, Rapid Nutrition shares a wealth of award-winning products with consumers who are passionate about innovations that are "made by nature, refined by science." Rapid Nutrition's first-class scientific team matches the experience of its management team to keep both the company and consumers on top of the latest industry trends and developments, while aligning with industry leaders worldwide to deliver effective supplements and solutions. Rapid Nutrition aims to be the supplier of choice globally by offering premium brands with the highest-quality ingredients to deliver maximum results.
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SOURCE: Rapid Nutrition Plc