Business
Cosmos Health Starts Stock Buyback Program
CHICAGO, IL / ACCESSWIRE / September 13, 2023 / Cosmos Health Inc. ("Cosmos Health" or the "Company'') (NASDAQ:COSM), a diversified, vertically integrated
About this update from Cosmos Health Inc.
[{"type":"text","content":"CHICAGO, IL / ACCESSWIRE / September 13, 2023 / Cosmos Health Inc. (\"Cosmos Health\" or the \"Company'') (NASDAQ:COSM), a diversified, vertically integrated global healthcare group engaged in innovative R&D, owner of proprietary nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, announced today the start of the Company's stock buyback program.The Company is committed to taking all available measures to enhance shareholder value.On January 24, 2023, the Company announced that its Board of Directors has approved a share repurchase program, pursuant to which the Company may purchase up to $3 million in shares of its outstanding common stock. Cosmos Health may repurchase shares from time to time through open market purchases in accordance with SEC Rules 10b 5-1 and 10b-18 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.Greg Siokas, Chief Executive Officer of Cosmos Health, stated: \"We believe that our stock is undervalued. Cosmos has made significant progress on multiple fronts over the past year, building a solid, diversified asset base. All this is supported by a robust balance sheet with negligible debt. We believe that we have now reached a major strategic inflection point, with operations and revenue ramp-up underway. We recently announced our inaugural guidance where we expect to achieve more than $180 million in gross annual revenue and EBITDA in excess of $20 million by 2026. It is fair to say that things are looking bright. However, this is not reflected in our current valuation. To this end, we have started our buyback program and are committed to protecting and enhancing shareholder value.\"About Cosmos Health Inc.Cosmos Health Inc. (Nasdaq:COSM), incorporated in 2009 and headquartered in Chicago, Illinois, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary products, including nutraceuticals and food supplements under the brands \"Sky Premium Life\" and \"Mediterranation.\" Through its subsidiary Cana Laboratories S.A., licensed under European Good Manuf...