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

• Grove Inc (NASDAQ: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