Grove Inc. Completes Initial Transactions in Program to Repurchase Up to 1 Million Shares
HENDERSON, NV / March 29, 2022 / 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.
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