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Grove (NASDAQ:GRVI) stock is surging higher on Friday following the successful launch of the company’s initial public offering (IPO) yesterday.
Here’s everything potential investors need to know about GRVI stock and the recent Grove IPO.
Let’s start off with the basic details of the IPO, which saw it offering 2.2 million shares at a price of $5 each.
This saw trading of the company’s shares start on Thursday with them trading on the Nasdaq Exchange under the GRVI stock ticker.
The Grove IPO also includes a 45-day option for underwriters to purchase an additional 330,000 shares at the initial price.
This has the offering set to close on Monday.
EF Hutton, a division of Benchmark Investments, is acting as the sole book-running manager of the Grove IPO.
So what does Grove do and why should investors be interested in its IPO.
Grove’s business deal in “developing, producing, marketing and selling raw materials, white label products and end consumer products containing the industrial hemp plant extract, Cannabidiol (‘CBD’).”
This has it selling to several consumer markets.
That includes “botanical, beauty care, pet care and functional food sectors.”
If yesterday’s trading volume of about 5 million shares is anything to go by, investors are taking great interest in GRVI stock today.
As of this writing, more than 24 million shares of the stock have changed hands.
GRVI stock was up 46.6% as of Friday morning.
Investors that want to keep up with the latest stock news from today should keep reading!
InvestorPlace.com has loads of stock news worth looking at today as shares are on the move. That includes the latest news that has Paysafe (NYSE:PSFE), Hall of Fame Resort & Entertainment (NASDAQ:HOFV), and Virgin Galactic (NYSE:SPCE) moving today. Check out all of that info by following the links below!
More Hot Stock Market News for Friday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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