Business
LQR House Repurchases 3,050,722 Shares in Ongoing Share Buyback Program
MIAMI BEACH, FL / ACCESSWIRE / November 29, 2023 / LQR House Inc. (the "Company" or "LQR House") (NASDAQ:LQR), an ecommerce platform and marketing agency
About this update from Lqr House Inc.
[{"type":"text","content":"MIAMI BEACH, FL / ACCESSWIRE / November 29, 2023 / LQR House Inc. (the \"Company\" or \"LQR House\") (NASDAQ:LQR), an ecommerce platform and marketing agency specializing in the spirits and beverage industry, updates investors on the progress of its Share Buyback Program.On Tuesday, November 21, 2023, amidst record-low stock prices, LQR House strategically acquired 237,700 shares of its common stock at an average cost of $0.04813 per share, adhering to Rule 10b-18 guidelines.Continuing its commitment, on Monday, November 27, 2023, LQR House further acquired 2,000,000 shares of common stock at an average cost of $0.030979 per share, aligning with Rule 10b-18 guidelines.On Tuesday, November 28, 2023, the stock price experienced additional pressure due to market challenges. The Company opted to strategically repurchase shares at historically low values, underscoring its commitment to fulfilling the buyback program. On the same day, LQR House executed the acquisition of 813,022 shares of its common stock at an average cost of $0.0279 per share, in accordance with Rule 10b-18 guidelines.Sean Dollinger, CEO of LQR House, commented, \"In our view, the stock price continues to be undervalued amid challenges in the current IPO market and apparent naked shorting affecting new small cap IPOs. Our goal is to persistently buy back the entire $2,000,000 worth of stock outlined in this program. Despite the share price performance, we remain optimistic about building a powerhouse that will disrupt the age-old alcohol industry. This Share Buyback Program reflects our belief in the undervaluation of the Company's shares, demonstrating confidence in the business and a steadfast commitment to long-term opportunities.\"About LQR House Inc.LQR House is a dynamic and forward-thinking e-commerce marketing company that intends to become the full-service digital marketing and brand development face of the alcoholic beverage space. Currently, LQR House has a key partnership with Country Wine & Spirits Inc. (\"CWS\"), granting the Company a full control over all marketing operations on CWSpirits.com, large alcohol ecommerce platform. With a deep passion for the world of beverages, LQR House takes pride in curating marketing strategies aimed to elevate brands to new heights. Composed of a team of seasoned professionals, LQR House focuses on crafting marketi...