HEALTHY CHOICE WELLNESS CORP. ANNOUNCES PUBLIC FILING OF REGISTRATION STATEMENT FOR PROPOSED INITIAL PUBLIC OFFERING (IPO) AND ITS SPIN-OFF BY HEALTHIER CHOICES MANAGEMENT CORP.

HOLLYWOOD, FL, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Today Healthy Choice Wellness Corp. {“HCWC”), a wholly owned subsidiary of Healthier Choices Management Corp. (OTC Pink: HCMC) - announced the public filing of its Form S-1 with the U.S. Securities and Exchange Commission (1) for the initial public offering (IPO) of its Class A Common stock and (2) in connection with the Spin-Off of its wellness segment subsidiaries.

As previously announced, HCMC intends to spin off its wellness-based subsidiaries, namely its 14 natural and organic health food stores, wellness center and online entity at TheVitaminStore.com. The HCWC common stock will be distributed through a dividend to owners of record of HCMC on a date to be determined. The dividend will be on a pro rata basis based on the ownership of HCMC on said record date with certain conditions. HCMC shareholders will not forfeit any of their HCMC common stock.

The IPO is for 400,000 shares of Class A common stock to be issued by HCWC. The underwriters will also be granted a 30-day option to purchase up to an additional 60,000 shares at the IPO price, less underwriting discounts, and commissions. HCMC anticipates that it will distribute approximately 1,880,000 shares of HCWC Class A common stock and 7,520,000 shares of HCWC Class B common stock in the spin-off. The HCWC Class A common stock will be freely tradable upon issuance. For a period of 90 days following the Spin-Off (the “Lock Up Period”), HCWC’s Class B stockholders will be restricted from selling, disposing of, or hedging any shares of this Class B common stock. Upon the expiration of the Lock Up Period, the Class B common stock will automatically convert into Class A common stock which will also be freely tradable without restriction or further registration under the Securities Act of 1933, as amended (the "Securities Act").

HCWC is in the application process to list its common stock on the NYSE American Exchange under the symbol “HCWC.” Upon completion of the IPO and the spin off, HCMC will not own any capital stock of HCWC.

Following the spin off, HCMC will continue to own its entire patent suite, in both the United States and Canada, and will continue to market its patented products, seek out licensing and royalty agreements, and enforce its rights against infringers of its patents.

Jeff Holman, CEO of HCMC, had this to say, “We are pleased to have publicly filed the HCWC S-1 and we will strive to complete the HCWC initial public offering and the spin-off in the fourth quarter of this year.”