Grove plans to buy supplements maker Vitamedica, shares fall

Upexi

30/06/2021 15:16

** Shares of hemp-based products maker  GRVI.O  fall 6.3% to
$6.42 
    ** GRVI signs non-binding letter of intent to acquire
nutritional supplements company Vitamedica  urn:newsml:reuters.com:*:nGNE33xRhj
    ** Says while the cos plan to negotiate a definitive binding
agreement over the next 30 days, there is no certainty that the
deal will happen
    ** Says potential deal could create entry for GRVI into
nutraceuticals' space that comprises food that offers health
benefits, such as dietary supplements
    ** If deal closes, it is expected to immediately add to
GRVI's top line and net income - co
    ** GRVI shares have risen nearly 16% since market debut last
week

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))