urban-gro, Inc. Announces Further Expansion to Its Stock Repurchase Program

Rhea-AI Summary

urban-gro (Nasdaq: UGRO) has expanded its stock repurchase program by an additional $1.5 million, bringing the total authorization to $8.5 million. This move follows a previous increase of $2 million on January 18, 2022. The company may buy back shares on the open market or through private negotiations as per management's discretion, considering various market conditions and available cash. The timing and amount of repurchases are uncertain, and the program may be discontinued at any time.

Positive

• Total stock repurchase authorization increased to $8.5 million.
• Demonstrates management's confidence in the company's future and shareholder value.

Negative

• Uncertainty in timing and amount of stock repurchases.
• Potential opportunity costs with funds directed towards buybacks instead of growth initiatives.

LAFAYETTE, Colo., Feb. 02, 2022 (GLOBE NEWSWIRE) -- urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), a fully integrated architectural, engineering and cultivation systems integration company focused on the indoor Controlled Environment Agriculture (“CEA”) market, today announced that its Board of Directors has authorized an additional $1.5 million expansion to the Company’s existing stock repurchase program. This expansion builds upon the Company’s existing repurchase authorization of $7 million, which was recently increased by $2 million on January 18, 2022. Under the new authorization, the Company may now purchase up to a combined $8.5 million of the Company’s common stock from time to time in the open market or in privately negotiated transactions in compliance with the applicable rules and regulations of the Securities and Exchange Commission.

The timing and amount of stock repurchases under the program, if any, will be at the discretion of management, and will depend on a variety of factors, including price, available cash, general business and market conditions and other investment opportunities. Therefore, there can be no assurance as to the number or aggregate dollar amount of shares, if any, that will be repurchased under the program. The Company may discontinue the program at any time.

About urban-gro, Inc.
urban-gro, Inc.^® (Nasdaq: UGRO) is a fully integrated architectural, engineering and cultivation systems integration company for commercial cannabis and food-focused Controlled Environment Agriculture (“CEA”) facilities. With experience in hundreds of CEA facilities spanning millions of square feet across the globe, we design, engineer and integrate complex environmental equipment systems into high-performance facilities. urban-gro’s gro-care^® Managed Services Platform leverages the company's expertise to reduce downtime, provide continuity, and drive facility optimization. Operating as a crop-agnostic solutions provider in both food and cannabis CEA sectors, our crop-focused end-to-end approach provides a single point of accountability across all aspects of growing operations. Visit urban-gro.com to discover how we help cultivators gro plants and gro profits.

Investor Contacts:
Dan Droller - urban-gro, Inc.
EVP Corporate Development & Investor Relations
-or-
Jeff Sonnek – ICR, Inc.
720.730.8160 
investors@urban-gro.com

Media Contact:
Stan Wagner
Managing Director
Maverick Public Relations
303.618.5080
stan@themaverickpr.com

FAQ

What is urban-gro's new stock buyback amount?

urban-gro has announced an additional $1.5 million expansion to its stock repurchase program, totaling $8.5 million.

When was urban-gro's previous stock repurchase authorization increased?

The previous authorization was increased by $2 million on January 18, 2022.

What factors will influence urban-gro's stock repurchase timing?

The timing and amount of repurchases will depend on market conditions, available cash, and other investment opportunities.

Can urban-gro discontinue its stock repurchase program?

Yes, urban-gro may discontinue the stock repurchase program at any time.