Cosmos Health Announces Stock Buyback Program
News provided byACCESSWIRE
Jan 24, 2023, 12:40 PM ET
CHICAGO, IL / ACCESSWIRE / January 24, 2023 / Cosmos Health, Inc. ("the Company") (Nasdaq:COSM), a global healthcare group with proprietary lines of nutraceuticals and distributor of pharmaceuticals, branded generics, OTC medications and medical devices, today 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. 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. As of December 31, 2022, the company had cash, cash equivalents and marketable securities of approximately $21 million (unaudited).
Greg Siokas, Chief Executive Officer of Cosmos Health stated: "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."
About Cosmos Health, Inc
Cosmos Health Inc. (Nasdaq:COSM) is a global healthcare group that was incorporated in 2009 and is headquartered in Chicago, Illinois. Cosmos Health is engaged in the nutraceuticals sector through its own proprietary lines of products "Sky Premium Life" and "Mediterranation." Additionally, the Company is operating in the pharmaceutical sector through the provision of a broad line of branded generics and OTC medications and is involved in the healthcare distribution sector through its subsidiaries in Greece and UK serving retail pharmacies and wholesale distributors. Cosmos Health is strategically focused on the R&D of novel patented nutraceuticals (IP) and specialized root extracts as well as on the R&D of proprietary complex generics and innovative OTC products. Cosmos has developed a global distribution platform and is currently expanding throughout Europe, Asia and North America. Cosmos Health has offices and distribution centers in Thessaloniki and Athens, Greece and Harlow, UK. More information is available at www.cosmoshealthinc.com and www.skypremiumlife.com.
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise, include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could", are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed, herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the Company's ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic and the war in Ukraine, on the Company's business, operations and the economy in general, and the Company's ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's filings with the SEC, which are available at the SEC's website (www.sec.gov). The Company disclaims any intention or obligation to update, or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact:
Lytham Partners, LLC
SOURCE: Cosmos Health Inc.