EXCLUSIVE: Grove Repurchases Shares For $1.97M In First Stage

Grove Inc GRVI has completed the first stage of its previously authorized program to repurchase up to one million of its shares.
The company bought back about 0.5 million shares at an average cost of approximately $4.22 per common share or for $1.97 million.
These repurchases are a part of the company’s buyback program announced on October 19, 2021.
The company said it might buy back up to an additional 0.5 million shares and will continue reviewing the program.
The Cannabidiol (CBD) products maker had recently completed the purchase of its new Florida Distribution and Sales Center.
Grove held cash and equivalents of $6.6 million as of December 31, 2021.
Price Action: GRVI shares closed lower by 7.04% at $4.62 on Monday.
Photo via company website