By Josh Beckerman


Shares of vaping products distributor Kaival Brands Innovations Group Inc. were recently up 59% to $2.56.

The company didn't appear to issue any press releases or securities filings on Tuesday.

Kaival shares fell sharply when the company said in September that third-quarter revenue fell to $3.4 million to $32.4 million as the e-cigarette industry was affected by the U.S. Food and Drug Administration's premarket tobacco application process.

Kaival is the exclusive distributor of products manufactured by Bidi Vapor, which was founded by Kaival Chief Executive Raj Patel.

Kaival has called for strong regulation, saying it exceeded stringent FDA compliance mandates and expressing concern about companies that "appear to have taken advantage of FDA's ground-level enforcement struggles" during the pandemic.

The FDA didn't meet its September deadline for declaring which e-cigarettes can remain on the market, said it needed more time. Last week it approved the tobacco-flavored Vuse made by Reynolds American Inc., while rejecting some sweet or fruit-flavored cartridges.


Write to Josh Beckerman at


(END) Dow Jones Newswires

October 19, 2021 15:57 ET (19:57 GMT)

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