Earth Science Tech Amplifies Stock Buyback to $10 Million
Earth Science Tech, Inc. Enhances Stock Repurchase Program
Miami, Fla. — Earth Science Tech, Inc. (OTC: ETST), a strategic holding company focused on acquiring and scaling businesses, has recently made a significant adjustment to its common stock repurchase program. The company’s Board of Directors has approved an increase in the total program authorization to $10 million, along with an extension of the program through the end of 2027.
This decision underscores the management's solid confidence in the long-term growth trajectory of Earth Science Tech. Since the repurchase program began, the company has utilized over $1.8 million to repurchase 20,834,214 shares, indicating a consistent dedication to enhancing shareholder value.
Giorgio R. Saumat, the CEO and Chairman of the Board, commented, "Increasing and extending the program reflects our strong belief in ETST’s future and our steadfast commitment to our shareholders." This sentiment illustrates the company’s strategic focus and commitment to its investors.
Repurchase Program Details
The common stock repurchase program features the following key details:
- Total Program Authorization: $10,000,000
- Capital Deployed to Date: $1,830,895.50
- Shares Repurchased: 20,834,214
- Remaining Authorization: $8,169,104.50
- New Program Expiration Date: December 31, 2027
The company has the discretion to repurchase stocks through open market transactions or privately negotiated agreements, considering market conditions and share prices. It's worth noting that there is no obligation to acquire a specific number of shares, and the program may be paused or ended at any time as needed.
About Earth Science Tech, Inc.
Earth Science Tech operates as a strategic holding company with a focus on adding value through acquisitions, operational optimization, and efficient management of its subsidiaries. The company currently engages in various sectors including compounding pharmaceuticals, telemedicine, and real estate development through its subsidiaries such as RxCompoundStore.com, Peaks Curative, and Mister Meds.
RxCompoundStore.com, LLC.
This fully licensed pharmacy is based in Miami and is authorized to fulfill prescriptions across a multitude of states and territories. The pharmacy is actively seeking further licensure throughout the remaining U.S. states, enhancing its operational footprint.
MisterMeds, LLC.
Mister Meds, located in Texas, has achieved full compounding licensure. The facility, which spans 5,000 square feet, is equipped with advanced sterile compounding capabilities, safely handling a variety of pharmaceuticals and is in the process of expanding its licensure into additional states.
Peaks Curative, LLC.
As a telemedicine platform, Peaks offers asynchronous consultations, particularly for compounded medications produced at its associated pharmacies. They are expanding their services to include veterinary medicine through recent acquisitions, indicating an agile response to market needs.
Future Aspirations and Community Involvement
Additionally, Earth Science Tech is committed to community support through the Earth Science Foundation, a nonprofit created to assist individuals facing financial difficulties with prescription costs at their pharmacies.
As the company continues its strategic initiatives, including the stock repurchase program and broadening its service areas, it remains dedicated to fulfilling its mission of enhancing health outcomes through innovative solutions and compassionate care.
Frequently Asked Questions
What is the purpose of the stock repurchase program?
The stock repurchase program aims to enhance shareholder value by reducing the number of outstanding shares in the market.
How much has ETST spent on the repurchase program so far?
ETST has deployed approximately $1.8 million for repurchasing shares since the program's inception.
What subsidiaries operate under Earth Science Tech?
ETST's subsidiaries include RxCompoundStore.com, Mister Meds, Peaks Curative, and others focused on pharmaceuticals and telemedicine services.
How does the company plan to use the remaining authorization?
The remaining authorization may be allocated towards future share buybacks as deemed appropriate, depending on market conditions.
What is the significance of extending the program through 2027?
Extending the program reflects the company's confidence in its growth and financial stability, assuring shareholders of its long-term viability.
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