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Cosmos Health Inc. ("Cosmos Health" or the "Company'') (NASDAQ:COSM), a diversified, vertically integrated global healthcare group engaged in innovative R&D, owner of proprietary pharmaceutical and nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, announced today that its CEO, Mr Greg Siokas, intends to purchase an aggregate of up to $3 million in common shares of the Company in the open market through December 31, 2024.
So far in 2023, Mr. Siokas has already purchased Cosmos Health shares worth approximately $1 million through various dates via privately negotiated transactions and by participating in a share capital increase. He now intends to increase his stake in the Company through open market purchases.
Mr Siokas may purchase shares from time to time through open market transactions in accordance with applicable securities laws and other restrictions. The timing and total amount of stock purchases will depend on market conditions, corporate and regulatory requirements, prevailing stock prices and other considerations.
Greg Siokas, Chief Executive Officer of Cosmos Health, stated: "As we have repeatedly stated, we believe our shares are undervalued relative to our growth prospects and progress to date. Today, I am pleased to announce my intention to purchase up to $3 million worth of our common shares. Based on recent share prices, this represents approximately 20% of our market capitalization, assuming full utilization.
"Since inception, I have invested more than $15 million in Cosmos and am committed to continue supporting the Company. Given the current trading price of our stock, I believe it is prudent to purchase shares in the open market and increase my stake in Cosmos during this exciting period. Our innovative R&D projects, anticipated entry into AI-drug repurposing, the planned spinoff of our R&D department into a standalone, publicly-listed biotech company, and the international growth of our brands make this a strategic time for such an investment."
Posted In: COSM
