Jupiter Wellness, Inc. JUPW purchased and retired 2,43 million common shares, which reduces the company's outstanding common shares to 22.15 million an approximate 10% reduction in shares outstanding.
The company has a $5.0 million share buyback program. Under the program, shares of the company's stock may be repurchased periodically in the open market or privately negotiated transactions. To date, the company has purchased 2.43 million under the program.
"We continue to believe our stock is undervalued and today's announcement shows continued commitment to our shareholders and the desire to retire shares at current market prices. Given our current cash position, I strongly feel this program is an attractive use of capital as we continue to reposition ourselves for the growth ahead," stated Brian John, CEO of Jupiter Wellness.
About Jupiter Wellness
Jupiter Wellness translates health science into products aimed at skin, hair, sexual wellness, and general health. The company’s approach is defined by proven mechanisms of action, validated manufacturing processes, and controlled clinical trials. Jupiter Wellness development pipeline includes products to address psoriasis, eczema, burns, herpes, cold sores, and skin cancer. The company generates revenue from a growing line of over-the-counter skin care products, wellness brands sold through retail channels, and the licensing of its intellectual property and proprietary formulations.
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