Business
LQR House Announces Transfer of Repurchased Shares to Its Account Held by Its Transfer Agent Following the Commencement of the Buyback Program
MIAMI BEACH, FL / ACCESSWIRE / January 4, 2024 / LQR House Inc. (the "Company" or "LQR House") (NASDAQ:LQR), a niche ecommerce platform specializing in the
About this update from Lqr House Inc.
[{"type":"text","content":"MIAMI BEACH, FL / ACCESSWIRE / January 4, 2024 / LQR House Inc. (the \"Company\" or \"LQR House\") (NASDAQ:LQR), a niche ecommerce platform specializing in the spirits and beverage industry, announces the repurchase of 576,713 of its shares and subsequent transfer of those shares from its brokerage account to its account with its transfer agent, representing 15% of its total outstanding shares.In a strategic move guided by advice from close advisors, LQR House acknowledges that shares held by its transfer agent would not be available to cover short sales of the LQR's common stock. Employing this approach, the company anticipates that the repurchased shares will remain beyond the reach of short sellers, establishing a more robust defense against bearish speculation on the stock.Sean Dollinger, CEO of LQR House, shared insights on this initiative, stating, \"Given what I perceive as a persistent challenge from short sellers, I am adopting a proactive stance. I urge shareholders with substantial positions to move their shares from their brokerage accounts to an account with Vstock Transfer, our transfer agent. We'd be happy to offer assistance and can facilitate the email coordination with VSTOCK to aid making this transfer. Feel free to initiate the process by sending an email to [email protected]. Stockholders should be aware that any such transfer would significantly increase the time in which it would take for Stockholders to sell their shares should they desire to do so.\"This proactive step not only may decrease the amount of short sales of LQR's stock but also reinforces LQR House's commitment to maintaining a strong and resilient market position. With a focus on transparency and shareholder protection, LQR House remains dedicated to fostering long-term value and stability in the volatile financial landscape.About LQR House Inc.LQR House intends to become a prominent force in the wine and spirits e-commerce sector, epitomized by its flagship alcohol marketplace, cwspirits.com. This platform seamlessly delivers a diverse range of emerging, premium, and luxury spirits, wines, and champagnes from esteemed retail partners like Country Wine & Spirits. Functioning as a technology-driven hub, LQR House utilizes software, data analytics, and artificial intelligence to elevate the consumer experience. CWSpirits.com stands out as the ...