- The stock price of Cosmos Health (COSM) surged by 26.38% in the most recent trading session. This is why.
The stock price of Cosmos Health (COSM) surged by 26.38% in the most recent trading session.
Why: Cosmos Health announced that its Board of Directors has approved a share repurchase program with authorization to purchase up to $3 million of its common stock.
Cosmos may repurchase shares from time to time through open market purchases in accordance with applicable securities laws and other restrictions. And the timing and total amount of stock repurchases will depend on market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. The repurchase program expires on January 23, 2024, and may be renewed at the company’s sole discretion.
The repurchase program will be funded using the company’s working capital. And as of December 31, 2022, the company had cash, cash equivalents, and marketable securities of about $21 million (unaudited).
“This investment reflects our confidence in the Company’s operating fundamentals and growth prospects. We believe that this stock repurchase program demonstrates our continued commitment to deliver long-term shareholder value. This plan is a reflection of the confidence we have in our market opportunity and our strategy to invest for long-term growth, which we believe is not reflected in the current market valuation, while creating sustainable value for our stockholders. Cosmos Health is a premier global distributor of over-the-counter pharmaceuticals, as well as producer of its own propriety line of nutraceuticals. Our recently strengthened balance sheet allows us the ability to execute on our multi layered growth strategy which is now underway. We continue to enter into strategic agreements with partners which we expect to lead to revenue growth for many years to come.”
— Greg Siokas, Chief Executive Officer of Cosmos Health