MIAMI BEACH, FL / ACCESSWIRE / November 29, 2023 / LQR House Inc. (the "Company" or "LQR House") (NASDAQ:LQR), an ecommerce platform and marketing agency specializing in the spirits and beverage industry, updates investors on the progress of its Share Buyback Program.
On Tuesday, November 21, 2023, amidst record-low stock prices, LQR House strategically acquired 237,700 shares of its common stock at an average cost of $0.04813 per share, adhering to Rule 10b-18 guidelines.
Continuing its commitment, on Monday, November 27, 2023, LQR House further acquired 2,000,000 shares of common stock at an average cost of $0.030979 per share, aligning with Rule 10b-18 guidelines.
On Tuesday, November 28, 2023, the stock price experienced additional pressure due to market challenges. The Company opted to strategically repurchase shares at historically low values, underscoring its commitment to fulfilling the buyback program. On the same day, LQR House executed the acquisition of 813,022 shares of its common stock at an average cost of $0.0279 per share, in accordance with Rule 10b-18 guidelines.
Sean Dollinger, CEO of LQR House, commented, "In our view, the stock price continues to be undervalued amid challenges in the current IPO market and apparent naked shorting affecting new small cap IPOs. Our goal is to persistently buy back the entire $2,000,000 worth of stock outlined in this program. Despite the share price performance, we remain optimistic about building a powerhouse that will disrupt the age-old alcohol industry. This Share Buyback Program reflects our belief in the undervaluation of the Company's shares, demonstrating confidence in the business and a steadfast commitment to long-term opportunities."
About LQR House Inc.
LQR House is a dynamic and forward-thinking e-commerce marketing company that intends to become the full-service digital marketing and brand development face of the alcoholic beverage space. Currently, LQR House has a key partnership with Country Wine & Spirits Inc. ("CWS"), granting the Company a full control over all marketing operations on CWSpirits.com, large alcohol ecommerce platform. With a deep passion for the world of beverages, LQR House takes pride in curating marketing strategies aimed to elevate brands to new heights. Composed of a team of seasoned professionals, LQR House focuses on crafting marketing solutions tailored to each client's unique needs. Through strategic partnerships, creative branding, and digital prowess, LQR House intends to be at the forefront of the wine and spirits marketing landscape, making it the go-to choice for brands seeking to thrive in a competitive industry.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Shareholders can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the "Risk Factors" section of the registration statements on Form S-1 filed with the SEC and other filings with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statements on Form S-1 and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.
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SOURCE: LQR House Inc.
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