Jupiter Wellness (JUPW) Announces $5M Share Buyback

Jupiter Wellness, Inc. (NASDAQ: JUPW) today announced it its board of directors approved a $5.0 million share buyback program which expires on June 30, 2022 (the "Share Buyback Program"). Under the Share Buyback Program, shares of the Company's common stock may be repurchased periodically in open market or privately negotiated transactions. The actual timing, manner, number, and value of shares repurchased under the program will be determined by management at its discretion and will depend on a number of factors, including the market price of Jupiter Wellness' common stock, general market and economic conditions, applicable requirements, and other business considerations. The Share Buyback Program does not obligate the Company to acquire any particular amount of common stock, and the program may be suspended or discontinued at any time at the Company's discretion. Jupiter Wellness intends to complete share buyback transactions under the Share Buyback Program prior to the close of its proposed acquisition of Next Frontier Pharmaceuticals, Inc.

Jupiter Wellness has deposited $5.0 million with Oppenheimer & Co Inc. for the Share buyback Program. Based on the closing price of Jupiter Wellness' common stock on January 24, 2022, the Share buyback Program would enable the Company to repurchase approximately 7 million shares, or about 29% of its outstanding shares.

"Our Share Buyback Program demonstrates our confidence in Jupiter Wellness' business, our pending acquisition of Next Frontier Pharmaceuticals, and the growth opportunities we see over the near and long term," said Brian John, Chief Executive Officer of Jupiter Wellness. "We believe our common stock is undervalued. Given our cash position, we believe the Share Buyback Program is an attractive use of capital as we reposition our Company as a pure play drug development company focused on cannabinoids."

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