- 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.
