Grove Inc. Completes Initial Transactions in Program to Repurchase Up to 1 Million Shares
March 29 2022 - 8:02AM
InvestorsHub NewsWire
Grove Inc. Completes Initial
Transactions in Program to Repurchase Up to 1 Million
Shares
HENDERSON, NV --
March 29, 2022 -- InvestorsHub NewsWire -- Grove, Inc.
(NASDAQ:GRVI) ("Grove" or the "Company"),Grove
Inc., today announced
that it has completed the first stage of its previously authorized
program to repurchase up to 1 million shares of its outstanding
common stock through both the use of the
Company's
10b5-1 plan and privately negotiated
transactions.
The Company repurchased 467,765 shares
at an average cost of approximately $4.22 per common share or
$1,974,896. These repurchases were made as part of the company's
repurchase program, which was announced on October 19, 2021. Grove
will continue to review the authorized program and may repurchase
up to an additional 500,000 shares.
"Grove continues to generate strong
revenue growth, positive cash flow from operations and targets
strategic acquisitions," said Allan Marshall, CEO of Grove
Inc.
"We will continue to
evaluate ways to bring our shareholders value for their investment
in the Company and our management team.
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 Norstrud
Email:
investorinfo@cbd.io
Phone:
(702) 332-5591
Investor
Relations Contact
TraDigital IR
John
McNamara
Email:
john@tradigitalir.com
Phone:
(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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