Kaival Brands rises as U.S. court overturns FDA stay order on Bidi Vapor's vape

Kaival Brands Innovations

25/08/2022 14:51

**  Shares of vape-distributor Kaival Brands Innovations
Group  KAVL.O  rise as much as 30% to $1.7
    ** Shares shoot up after U.S. Court of Appeals for Eleventh
Circuit ruled in favor of ending marketing stay issued by FDA in
September 2021 on Bidi Vapour's vape device  urn:newsml:reuters.com:*:nGNXqJshG
    ** Court deemed FDA failed to consider marketing and
sales-access-restrictions plans included in Bidi Vapor's
marketing application for BIDI Stick self-contained electronic
nicotine delivery system
    ** Ruling reverses marketing denial order and allows Bidi
Vapor to continue to market all flavor varieties of BIDI Stick
in U.S.
    ** Kaival Brands is exclusive U.S. distributor of products
manufactured by Bidi Vapor, including BIDI Stick
    ** More than 16.3 mln shares change hands, over 13.5 times
the 25-day average trading volume
    ** Up to last close, stock rose 77.11% YTD

 (Reporting by Nandhini Srinivasan in Bengaluru)
 ((Nandhini.srinivasan@thomsonreuters.com))