Grove, Inc. (GRVI) Prices 2.2M Share IPO at $5/sh

June 24, 2021 5:44 AM EDT

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Grove, Inc. (NASDAQ: GRVI) today announced the pricing of an underwritten initial public offering of 2,200,000 shares of common stock at a public offering price of $5.00 per share for gross proceeds of approximately $11.0 million, prior to deducting underwriting discounts, commissions, and other offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 330,000 shares at the public offering price less the underwriting discounts and commissions. The offering is expected to close on or about June 28, 2021, subject to satisfaction of customary closing conditions.

The Company has received approval to list its common stock on the Nasdaq Capital Market under the symbol “GRVI”, with trading expected to begin on June 24, 2021.

EF Hutton, division of Benchmark Investments, LLC, is acting as the sole book-running manager for the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on June 23, 2021. A final prospectus relating to this offering will be filed with the SEC. The offering is being made only by means of a prospectus, copies of which may be obtained, when available, from: EF Hutton, division of Benchmark Investments LLC, 590 Madison Avenue, 39th Floor, New York, NY 10022, Attention: Syndicate Department, or via email at syndicate@efhuttongroup.com or telephone at (212) 404-7002.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.



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