Grove, Inc. Announces Pricing of $11.0 Million Initial Public Offering and Nasdaq Listing
June 23 2021 - 7:46PM
via NewMediaWire -- Grove, Inc. (NASDAQ:GRVI) ("Grove" or the
"Company"), today announced the pricing of an underwritten initial
public offering of 2,200,000 shares of common stock at a public
offering price of $5.00 per share for gross proceeds of
approximately $11.0 million, prior to deducting underwriting
discounts, commissions, and other offering expenses. In addition,
the Company has granted the underwriters a 45-day option to
purchase up to an additional 330,000 shares at the public offering
price less the underwriting discounts and commissions. The offering
is expected to close on or about June 28, 2021, subject to
satisfaction of customary closing conditions.
The Company has received approval to list its
common stock on the Nasdaq Capital Market under the symbol “GRVI”,
with trading expected to begin on June 24, 2021.
EF Hutton, division of Benchmark Investments,
LLC, is acting as the sole book-running manager for the
offering.
A registration statement relating to these
securities was declared effective by the Securities and Exchange
Commission on June 23, 2021. A final prospectus relating to
this offering will be filed with the SEC. The offering is being
made only by means of a prospectus, copies of which may be
obtained, when available, from: EF Hutton, division of Benchmark
Investments LLC, 590 Madison Avenue, 39th Floor, New York, NY
10022, Attention: Syndicate Department, or via email
at syndicate@efhuttongroup.com or telephone at (212)
404-7002.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Grove, Inc.
Grove, Inc. is in the business of developing,
producing, marketing and selling raw materials, white label
products and end consumer products containing the industrial hemp
plant extract, Cannabidiol (“CBD”). The Company sells to numerous
consumer markets including the botanical, beauty care, pet care and
functional food sectors. It seeks to take advantage of an emerging
worldwide trend to re-energize the production of industrial hemp
and to foster its many uses for consumers.
Forward-Looking Statements
This press release contains statements that
constitute "forward-looking statements," including with respect to
the Company's initial public offering. No assurance can be given
that the offering will be completed on the terms described, or at
all. Forward-looking statements are subject to numerous conditions,
many of which are beyond the control of the Company, including
those set forth in the Risk Factors section of the Company's
registration statement and preliminary prospectus for the offering
filed with the SEC. Copies are available on the SEC's website,
www.sec.gov. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
Company Contact
Andrew NorstrudEmail:
investorinfo@cbd.ioPhone: (702) 332-5591
Investor Relations Contact
TraDigital IRJohn
McNamaraEmail: john@tradigitalir.comPhone: (917) 658-2602
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