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Benzinga
Benzinga
Business
Shivani Kumaresan

EXCLUSIVE: Grove Repurchases Shares For $1.97M In First Stage

Grove (Organization) Nasdaq
  • Grove Inc (NASDAQ:GRVI) has completed the first stage of its previously authorized program to repurchase up to one million of its shares.
  • The company bought back about 0.5 million shares at an average cost of approximately $4.22 per common share or for $1.97 million.
  • These repurchases are a part of the company’s buyback program announced on October 19, 2021.
  • The company said it might buy back up to an additional 0.5 million shares and will continue reviewing the program.
  • The Cannabidiol (CBD) products maker had recently completed the purchase of its new Florida Distribution and Sales Center.
  • Grove held cash and equivalents of $6.6 million as of December 31, 2021.
  • Price Action: GRVI shares closed lower by 7.04% at $4.62 on Monday.
  • Photo via company website
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