Grove [NASDAQ: GRVI] Launches $1M Share Repurchase Program

Grove, Inc. [NASDAQ: GRVI] disclosed that it has launched the $1 million share buyback program. The Board of directors of Grove has provided the authorization of the share buyback program of its outstanding common stock. The firm revealed that the timing of stock buybacks and the number of shares of common stock to be bought back will depend upon current market conditions and other factors.

It has been made clear by the firm that the acquisition under the share buyback 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 accord with appropriate laws, rules, and regulations. The share buyback program does not require the firm to buy back shares of its common stock and it may be modified, barred, or withdrawn at any time at Grove’s will.

Shares of Grove, Inc. [NASDAQ: GRVI] skyrocketed 5% during the pre-market trading session of Tuesday. The share of the firm fluctuated between the 52-weeks low and high range of $3.86 and $9.37, respectively. In the past 52-weeks of the trading session, the share of the firm moved up 59.73% from its 52-week low and moved down $-34.15% from its 52-week high. GRVI has a total market capitalization of $$105.75 million at the time of writing.

The buyback program of up to 1 million shares of stock highlighted the devotion of Grove to increase shareholder value and gives the firm flexibility to deploy some of its cash flow into its future. Grove contemplates that it is suitable to have the option to buy back stock if it makes sense as the best investment at that time with a strong balance sheet, positive cash flow, and increasing revenues.