InVitro International (OTCMKTS:IVRO) was down 6% after announcing the completion of the stock repurchase of 100,000 of its common shares. The company had negotiated the terms of the transaction with a long-term stockholder in December 2021.
Trading Data
On Wednesday, IVRO stock slid 5.56% to $0.2125 with more than 7.9K shares, compared to its average Wednesday of 9.9K shares. The stock moved within a range of $0.2101 – 0.2125 after opening trade at $0.2111.
Stock Repurchase by IVRO’s Management Shows Increased Confidence in Future of Non-Animal Testing
The company’s president AtulJhalani stated that their decision reflects management’s growing optimism in Non-Animal testing. Recently, The Humane Cosmetics Act of 2021″ was introduced in the US Congress following years in Committee. Atul added that their demonstrated enthusiasm is added to those of other animal welfare supporters across the world.
CEO W. Richard Ulmer said that they follow the fiscal year 2021 stated intent to share more of what they do at the company. He explained that the first step of the transaction required the company’s Board of Directors to agree that the purchase of the 100,000 shares was a great investment owing to InVitro’s rich balance sheet. Also, the next step required pronouncement from the company’s auditor that once the shares are repurchased, they will be eligible for issuance. So, IVRO is worth watching.
Key Quote
IVRO President, Atul Jhalani, said “I believe our decision reflects IVRO management’s continuing strong belief in the future of NON-Animal testing; worthy of special note, just recently “The Humane Cosmetics Act of 2021″ arrived on the floor of the U.S. Congress after many years in Committee. So, our demonstrated enthusiasm is added to that of millions of animal welfare supporters here and around the world. Looking forward, it seems very reasonable to envision in vitro tests increasingly replacing the use of animals. In addition to faster, lower cost safety testing results, more companies now will be able to add kindness to animals as a side benefit of any new formulations.”
Technical Data
IVRO stock is trading below the 20-Day and 50-Day Moving averages of $0.24 and $0.28 respectively. However, the stock is trading above the 200-Day moving average of $0.19.
