Kaival Brands Innovations Shares Up 59%
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
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
Write to Josh Beckerman at email@example.com
(END) Dow Jones Newswires
October 19, 2021 15:57 ET (19:57 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.