Smart for Life Announces $900,000 Registered Direct Offering Priced At-The-Market Under Nasdaq Rules MIAMI

Smart for Life Announces $900,000 Registered

Priced At-The-Market Under Nasdaq Rules

MIAMI, May 03, 2023 (GLOBE

NEWSWIRE) -- Smart for Life, Inc. (Nasdaq: SMFL) ("Smart for Life" or the "Company"), a high growth global leader

in the Health & Wellness sector marketing and manufacturing nutritional foods and supplements worldwide, today announced that it has

entered into a definitive agreement with a single institutional investor for the purchase and sale of 280,601 shares of the Company's

common stock (or common stock equivalents) at a purchase price of $3.205 per share of common stock in a registered direct offering priced

at-the-market under Nasdaq rules. In addition, in a concurrent private placement, the Company will issue to the investor unregistered

common stock purchase warrants (the "Warrants"). The Warrants to purchase up to 280,601 shares of common stock have an exercise

price of $3.08 per share and are immediately exercisable for a period of five and one-half years following issuance. The closing of the

registered direct offering and the concurrent private placement is expected to occur on or about May 5, 2023, subject to the satisfaction

of customary closing conditions.

Co. is acting as the exclusive placement agent for the offerings.

The gross proceeds to

the Company from these offerings are expected to be approximately $900,000, before deducting the placement agent's fees and other

offering expenses payable by the Company. The Company intends to use the net proceeds from these offerings for working capital and other

general corporate purposes.

The shares of common

stock (and common stock equivalents) described above are being offered by the Company pursuant to a "shelf" registration statement

on Form S-3 (File No. 333-271052) previously filed with the Securities and Exchange Commission (the "SEC") and declared effective

by the SEC on April 10, 2023. The offering of the shares of common stock (and common stock equivalents) is made only by means of a prospectus,

including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying

prospectus relating to the registered direct offering will be filed with the SEC. Electronic copies of the final prospectus supplement

and accompanying prospectus may be obtained, when available, on the SEC's website at http://www.sec.gov or by contacting H.C. Wainwright

& Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 865-5711 or e-mail at placements@hcwco.com.

The Warrants described

above are being issued in a concurrent private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities

Act"), and Regulation D promulgated thereunder and, along with the shares of common stock underlying the Warrants, have not been

registered under the Securities Act, or applicable state securities laws. Accordingly, the Warrants and underlying shares of common stock

may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from

the registration requirements of the Securities Act and such applicable state securities laws.

This press release shall

not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities

in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification

under the securities laws of any such state or other jurisdiction.

About Smart for Life,

Smart for Life, Inc.

(Nasdaq: SMFL) is engaged in the development, marketing, manufacturing, acquisition, operation and sale of a broad spectrum of nutritional

and related products with an emphasis on health & wellness. Structured as a publicly held global holding company, the Company is executing

a Buy-and-Build strategy with serial accretive acquisitions creating a vertically integrated company with an objective of aggregating

companies generating a minimum of $300 million in annualized revenues by the fourth quarter of 2026. To drive growth and earnings, Smart

for Life is developing proprietary products as well as acquiring other profitable companies, encompassing brands, manufacturing and distribution

channels. The Company currently operates five subsidiaries including Doctors Scientific Organica, Nexus Offers, Bonne Sant Natural

Manufacturing, GSP Nutrition and Ceautamed Worldwide. For more information about Smart for Life, please visit: www.smartforlifecorp.com.

Forward Looking Statements

This press release may

contain information about our views of future expectations, plans and prospects that constitute forward-looking statements. All forward-looking

statements are based on management's beliefs, assumptions and expectations of Smart for Life's future economic performance,

taking into account the information currently available to it. These statements are not statements of historical fact. Although Smart

for Life believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance

that its expectations will be attained. Smart for Life does not undertake any duty to update any statements contained herein (including

any forward-looking statements), except as required by law. No assurances can be made that Smart for Life will successfully acquire its

acquisition targets. Forward-looking statements are subject to a number of factors, risks and uncertainties, some of which are not currently

known to us, that may cause Smart for Life's actual results, performance or financial condition to be materially different from

the expectations of future results, performance or financial position. Actual results may differ materially from the expectations discussed

in forward-looking statements. Factors that could cause actual results to differ materially from expectations include general industry

considerations, regulatory changes, changes in local or national economic conditions and other risks set forth in "Risk Factors"

included in our filings with the Securities and Exchange Commission.

Crescendo Communications,