Cosmos Health Announces Open Market Stock Purchases by the CEO
CHICAGO, IL / ACCESSWIRE / December 18, 2023 / 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.”
About Cosmos Health Inc.
Cosmos Health Inc. (Nasdaq:COSM), incorporated in 2009 in Chicago, Illinois, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life®, Mediterranation®, bio-bebe® and C-Sept®. Through its subsidiary Cana Laboratories S.A., licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency, it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. Cosmos Health also distributes a broad line of pharmaceuticals and parapharmaceuticals, including branded generics and OTC medications, to retail pharmacies and wholesale distributors through its subsidiaries in Greece and the UK. Furthermore, the Company has established R&D partnerships targeting major health disorders such as obesity, diabetes, and cancer, and focuses on the R&D of novel patented nutraceuticals, specialized root extracts, proprietary complex generics, and innovative OTC products. Cosmos Health has also entered the telehealth space through the acquisition of ZipDoctor, Inc., based in Texas, USA. With a global distribution platform, the Company is currently expanding throughout Europe, Asia, and North America, and has offices and distribution centers in Thessaloniki and Athens, Greece, and in Harlow, UK. More information is available at www.cosmoshealthinc.com, www.skypremiumlife.com, www.cana.gr, and www.zipdoctor.co.
Forward-Looking Statements
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise, include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could”, are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed, herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the Company’s ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic and the war in Ukraine, on the Company’s business, operations and the economy in general, and the Company’s ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company’s filings with the SEC, which are available at the SEC’s website (www.sec.gov). The Company disclaims any intention or obligation to update, or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations
Paul Lampoutis
Capital Link, Inc.
230 Park Avenue, Suite 1540
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526
E-Mail: Cosmoshealth@capitallink.com
SOURCE: Cosmos Health Inc.
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