13 December 2023

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SmileDirectClub Begins Swift Wind Down of Business

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SmileDirectClub announced that the company has initiated a swift wind down of its global operations to maximize value for stakeholders. The wind down follows the company’s efforts to market the business and implement a comprehensive recapitalization transaction meant to strengthen its balance sheet and fuel growth initiatives.

A company spokesperson stated, “Despite a robust effort to identify prospective investors and partners to successfully recapitalize the business, we were unable to find a partner willing to infuse the necessary capital for the path ahead given the ongoing difficult macroeconomic climate and the decline in discretionary consumer spend. This is tremendously disappointing and is not the outcome any of us wanted, but absent a partner willing to support the recapitalization or a similar transaction, there is no other viable path at this time. We are incredibly grateful to our passionate and skilled team members, whose hard work and commitment helped SmileDirectClub improve over 2 million smiles and lives.”

About SmileDirectClub

SmileDirectClub, Inc. (“SmileDirectClub”) is an oral care company and the creator of the first medtech platform for teeth straightening. Through its cutting-edge telehealth technology and vertically integrated model, SmileDirectClub is revolutionizing the oral care industry. The mission of SmileDirectClub is to democratize access to a smile that everyone loves by making it affordable and convenient for all. SmileDirectClub is headquartered in Antioch, Tennessee, USA. For more information, please visit SmileDirectClub.com.

Source: www.SmileDirectClub.com