Kaival Brands jumps 60% on deal with Philip Morris unit

Kaival Brands Innovations

14/06/2022 12:57

** Kaival Brands Innovations Group Inc's shares  KAVL.O  up
59.5% at $2.76 premarket after the vaping products distributor
inks deal with a unit of Philip Morris International Inc  PM.N 
    ** Stock set to open at over three-month high if gains hold
 urn:newsml:reuters.com:*:nL4N2Y033Z
    ** Co signs an agreement to develop and distribute 
electronic nicotine delivery system (ENDS) products in markets
outside the United States
    ** KAVL is a global distributor of products manufactured by
vaping products maker Bidi Vapor
    ** In Q1, co's revenue fell 92.5%, as U.S FDA issued a
market denial order on its Bidi products and stiff competition
    ** As of last close, shares up 132% YTD

 (Reporting by Eva Mathews in Bengaluru)
 ((Eva.Mathews@thomsonreuters.com;))