Kaival Brands drops on slashing revenue forecast over regulatory uncertainty

Kaival Brands Innovations

15/09/2021 14:07

** Shares in vaping products distributor  KAVL.O  drop 38.4%
to $2.78 premarket
    ** Co on Tuesday after market cut its revenue forecast to
about $68 million from $400 million for the year ending Oct. 31
 urn:newsml:reuters.com:*:nPn5bpSKCa
    ** KAVL said many retailers were reluctant to buy vaping
products prior to the Sept. 9 deadline set by a federal judge
for the U.S. FDA to decide whether e-cigarettes could be sold
 urn:newsml:reuters.com:*:nL4N2QB368
    ** Q3 revenue plummeted 90% to $3.4 million - KAVL
    ** COVID-19-led supply-chain disruptions impacted Bidi
Vapor's ability to quality test and develop Bidi Pouch, a
synthetic nicotine-based smokeless pouch - KAVL
    ** KAVL distributes Bidi Vapor products
    ** Shares down 59% from their Nasdaq debut opening price on
July 29 urn:newsml:reuters.com:*:nPn5sbxvja

 (Reporting by Praveen Paramasivam)
 ((Praveen.Paramasivam@thomsonreuters.com;))