Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Shivani Kumaresan

EXCLUSIVE: Grove Acquires Controlling Stake In Amazon Seller Cygnet

  • Grove Inc (NASDAQ:GRVI) said its wholly-owned Amazon brand aggregator, Upexi, has acquired a controlling interest in Cygnet Online LLC, an Amazon and eCommerce seller.
  • The deal is expected to expand Cygnet’s product offerings through Grove distributors and partnerships.
  • Cygnet, a secondary market seller on Amazon, focuses on the OTC (Over-the-Counter), supplements, and beauty markets.
  • The acquisition was completed with a combination of stock, cash, and debt.
  • “Cygnet’s team and its 11-year experience on Amazon will help facilitate the growth of our in-house, eCommerce brands and all future acquisitions,” said CEO Allan Marshall.
  • Grove held $6.6 million in cash and equivalents as of December 31, 2021.
  • Price Action: GRVI shares traded higher by 5.38% at $4.90 premarket on the last check Wednesday.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.