Grove Inc. Board Approves up to 1 Million Share Repurchase Authorization
October 19 2021 - 8:00AM
via NewMediaWire -- Grove, Inc. (NASDAQ:GRVI) ("Grove" or the
"Company"): Grove Inc., a global innovator in hemp, health, and
wellness, today announced that its Board of Directors authorized a
share repurchase program for up to 1 million shares of its
outstanding common stock.
“The repurchase authorization of up to 1 million shares of stock
represents our commitment to increasing shareholder value and gives
us flexibility to deploy some of our cash flow into our future,”
said Allan Marshall, CEO of Grove Inc. “With a strong balance
sheet, positive cash flow, and growing revenues, we believe it is
appropriate to have the option to repurchase stock if it makes
sense as the best investment at that time.”
Purchases under the share repurchase program may be made from
time to time in the open market, through block trades, the
Company's 10b5-1 plan or privately negotiated transactions in
accordance with applicable laws, rules and regulations. The timing
of stock repurchases and the number of shares of common stock to be
repurchased will depend upon prevailing market conditions and other
factors. The share repurchase program does not commit the company
to repurchase shares of its common stock and it may be amended,
suspended or discontinued at any time at Grove’s discretion.
About Grove, Inc.
Grove, Inc. is in the business of developing, producing,
marketing and selling quality products and end consumer products
containing the industrial hemp plant extract Cannabidiol (“CBD”),
as well as diversified products in other verticals. 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.
Company Contact
Andrew NorstrudEmail:
investorinfo@cbd.ioPhone: (702) 332-5591
Investor Relations
ContactTraDigital IRJohn McNamaraEmail:
john@tradigitalir.comPhone: (917) 658-2602
Forward-Looking Statements
This news release contains "forward-looking statements" as that
term is defined in Section 27A of the United States Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
business strategy, potential acquisitions, revenue guidance,
product development, integration and synergies of acquiring
companies and personnel. These forward-looking statements are made
as of the date of this news release, and we assume no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements. Although we believe that the beliefs,
plans, expectations and intentions contained in this press release
are reasonable, there can be no assurance that such beliefs, plans,
expectations or intentions will prove to be accurate. Investors
should consult all of the information set forth herein and should
also refer to the risk factors disclosure outlined in our annual
report on Form 10-K and other periodic reports filed from
time-to-time with the Securities and Exchange Commission.
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