Business
Cosmos Health Announces Stock Buyback Program
CHICAGO, IL / ACCESSWIRE / January 24, 2023 / Cosmos Health, Inc. ("the Company") (Nasdaq:COSM), a global healthcare group with proprietary lines of
About this update from Cosmos Health Inc.
[{"type":"text","content":"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, IncCosmos 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...