SNAX Stryve Foods Inc

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 6, 2025

 

STRYVE FOODS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware		001-38785		87-1760117
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification Number)

 

Post Office Box 864 Frisco, TX		75034
(Address of principal executive offices)		(Zip Code)

 

Registrant’s telephone number, including area code: (972) 987-5130

 

Not Applicable

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act: None

  

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 1.01 Entry into a Material Definitive Agreement.

 

On February 6, 2025, Stryve Foods, Inc. (the “Company”) entered into an agreement (the “Lease Termination Agreement”) with Denali Texas 16240 Gateway Industrial, LLC (the “Landlord”) to terminate the lease for its distribution center located at 16240 Gateway Path, Frisco, TX 75033 (the “Original Lease Agreement”). In order to terminate the Original Lease Agreement, the Company issued an unsecured promissory note (“Note”) to the Landlord for the termination fee of $1.1 million. As modified by the terms of the Lease Termination Agreement, the lease will expire on February 15, 2025. The Lease Termination Agreement releases the Company from its remaining obligations under the Original Lease Agreement, which included payment obligations of approximately $10.2 million, inclusive of future lease payments of approximately $7.6 million and common area maintenance charges of approximately $2.6 million. The foregoing description of the terms of the Lease Termination Agreement are qualified in their entirety by reference to the form agreement, which is attached hereto as Exhibit 10.1 and incorporated by reference herein.

 

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

In connection with the Lease Termination Agreement, the Company issued a Note on February 6, 2025 to the Landlord for the amount of the lease termination fee of $1.1 million. The Note bears interest at 0.0% and is to be repaid in sixty (60) monthly installments maturing on April 1, 2030. The foregoing description of the terms of the Notes are qualified in their entirety by reference to the form Note, which is attached hereto as Exhibit 10.2 and incorporated by reference herein.

 

Item 7.01 Regulation FD Disclosure.

 

On February 11, 2025, the Company issued a press release announcing that the Company has completed a major network optimization project which it expects to generate annual net savings of more than $1.0 million through improved operating efficiencies, reduced transportation costs, and rent savings.. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated by reference herein.

 

The information furnished under this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01(d) Financial Statements and Exhibits.

 

10.1		Lease Termination Agreement dated February 6, 2025 entered into between Stryve Foods, Inc. and Denali Texas 16240 Gateway Industrial, LLC.
10.2		Form of Note
99.1		Press Release of Stryve Foods, Inc., dated February 11, 2025
104		Cover Page Interactive Data File (embedded within the inline XBRL document)

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: February 12, 2025

 

	STRYVE FOODS, INC.
	By:	/s/ R. Alex Hawkins
	Name:	R. Alex Hawkins
	Title:	Chief Financial Officer

 

 

Exhibit 10.1

 

 

 

 

 

 

 

 

 

 

 

Exhibit 10.2

 

 

 

 

 

 

 

 

 

 

Exhibit 99.1

 

 

Stryve Foods, Inc. Completes Major Network Optimization, Unlocking Over $1 Million in Estimated Annual Savings

 

Eliminates +$10 Million Future Lease Payments

Optimizes Distribution & Fulfillment Network Estimated to Yield $1 Million Net Savings Annually

Continued Execution of Management’s Productivity & Transformation Agenda

 

PLANO, Texas, February 11, 2025 — Stryve Foods, Inc. (OTC: SNAX) (“Stryve” or the “Company”), a leader in high-protein, better-for-you snacking, today announced the successful completion of a major network optimization initiative, marking another milestone in the Company’s ongoing transformation. By transitioning fulfillment operations to a combination of redistribution partners, including Dot Foods, distributors, and third-party logistics providers, Stryve has successfully exited its final distribution center lease—an achievement expected to generate over $1 million in annual savings and drive significant operational efficiencies.

 

“This is a game-changer for Stryve,” said Chris Boever, Chief Executive Officer. “By leveraging Dot Foods’ expansive logistics network and optimizing our fulfillment strategy, we are not only reducing costs but also enhancing service levels for our retail partners. This move allows us to focus on what we do best—innovating, manufacturing, and marketing our brands—while letting best-in-class logistics partners handle distribution.”

 

Maximizing Efficiency and Savings

 

This transition delivers substantial financial and operational benefits to Stryve, including:

 

●

+ $1 million in expected annual net savings, achieved through improved operating efficiencies, reduced transportation costs, and rent savings.

 

●

Eliminating + $10 million in future lease obligations, freeing up capital for strategic investments and growth.

 

●

Enhanced service levels for retail partners, leading to improved product availability and expanded distribution reach.

 

As previously announced, Stryve’s partnership with Dot Foods has played a pivotal role in strengthening its supply chain. By leveraging Dot’s expertise, the Company is now better positioned to support growing consumer demand while streamlining its operations.

 

Continuing the Transformation

 

This milestone follows a series of strategic initiatives that have bolstered Stryve’s financial health and operational agility. Recent moves, such as the successful retirement of $8.7 million in debt and securing expanded retail distribution, underscore the Company’s commitment to sustainable, profitable growth.

 

“As we continue to execute our transformation, this optimization aligns perfectly with our mission to scale efficiently,” said Alex Hawkins, Chief Financial Officer. “With a leaner, more focused infrastructure, we are positioned to accelerate growth while maintaining financial discipline.”

 

Looking Ahead

 

With the lease termination effective February 15, 2025, and the Dot Foods relationship already fully operational, Stryve expects to begin realizing savings from this network optimization in its Q1 2025 results. This initiative represents another critical step in the Company’s journey toward long-term profitability and shareholder value creation.

 

 

 

About Stryve Foods, Inc.

 

Stryve is a premium air-dried meat snack company that is conquering the intersection of high protein, great taste, and health under the brands of Braaitime®, Kalahari®, Stryve®, and Vacadillos®. Stryve sells highly differentiated healthy snacking and food products in order to disrupt traditional snacking and CPG categories. Stryve’s mission is “to help Americans eat better and live happier, better lives.” Stryve offers convenient products that are lower in sugar and carbohydrates and higher in protein than other snacks and foods. Stryve’s current product portfolio consists primarily of air-dried meat snack products marketed under the Stryve®, Kalahari®, Braaitime®, and Vacadillos® brand names. Unlike beef jerky, Stryve’s all-natural air-dried meat snack products are made of beef and spices, are never cooked, contain zero grams of sugar*, and are free of monosodium glutamate (MSG), gluten, nitrates, nitrites, and preservatives. As a result, Stryve’s products are Keto and Paleo diet friendly. Further, based on protein density and sugar content, Stryve believes that its air-dried meat snack products are some of the healthiest shelf-stable snacks available today. Stryve also markets and sells human-grade pet treats under the brands Two Tails and Primal Paws, made with simple, all-natural ingredients and 100% real beef with no fillers, preservatives, or by-products.

 

Stryve distributes its products in major retail channels, primarily in North America, including grocery, convenience store, mass merchants, and other retail outlets, as well as directly to consumers through its ecommerce websites and through the Amazon and Wal*mart platforms. For more information about Stryve, visit www.stryve.com or follow us on social media at @stryvebiltong.

 

* All Stryve Biltong and Vacadillos products contain zero grams of added sugar, with the exception of the Chipotle Honey flavor of Vacadillos, which contains one gram of sugar per serving.

 

Cautionary Note Regarding Forward-Looking Statements

 

Certain statements made herein are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “may”, “will”, “would”, “could”, “intend”, “aim”, “believe”, “anticipate”, “continue”, “target”, “milestone”, “expect”, “estimate”, “plan”, “outlook”, “objective”, “guidance” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, including, but not limited to, statements regarding Stryve’s plans, strategies, objectives, targets and expected financial performance. These forward-looking statements reflect Stryve’s current views and analysis of information currently available. This information is, where applicable, based on estimates, assumptions and analysis that Stryve believes, as of the date hereof, provide a reasonable basis for the information and statements contained herein. These forward-looking statements involve various known and unknown risks, uncertainties and other factors, many of which are outside the control of Stryve and its officers, employees, agents and associates. These risks, uncertainties, assumptions and other important factors, which could cause actual results to differ materially from those described in these forward-looking statements, include: (i) the inability to achieve profitability due to commodity prices, inflation, supply chain interruption, transportation costs and/or labor shortages; (ii) the ability to meet financial and strategic goals, which may be affected by, among other things, competition, supply chain interruptions, the ability to pursue a growth strategy and manage growth profitability, maintain relationships with customers, suppliers and retailers and retain its management and key employees; (iii) the risk that retailers will choose to limit or decrease the number of retail locations in which Stryve’s products are carried or will choose not to carry or not to continue to carry Stryve’s products; (iv) the possibility that Stryve may be adversely affected by other economic, business, and/or competitive factors; (v) the impacts of the transition from NASDAQ to OTC; (vi) the possibility that Stryve may not achieve its financial outlook; (vii) risks around the Company’s ability to continue as a going concern and (viii) other risks and uncertainties described in the Company’s public filings with the SEC. Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those projections and forward-looking statements are based.

 

Investor Relations Contact:

 

Investor Relations

ir@stryve.com

 

 

 

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Cover	Feb. 06, 2025
Cover [Abstract]
Document Type	8-K
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Document Period End Date	Feb. 06, 2025
Entity File Number	001-38785
Entity Registrant Name	STRYVE FOODS, INC.
Entity Central Index Key	0001691936
Entity Tax Identification Number	87-1760117
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	Post Office Box 864
Entity Address, City or Town	Frisco
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75034
City Area Code	(972)
Local Phone Number	987-5130
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