LQR House Inc. (the “Company” or “LQR House”) (NASDAQ:LQR), a niche ecommerce platform specializing in the spirits and beverage industry, is pleased to announce a substantial increase of its ongoing share buyback program to $5 million.
In a meeting held via Google Meets on Friday, January 12, 2024 at 2:30 pm EST, LQR House Board of Directors (the “Board”) reviewed the proposed $1.00 special dividend. With a cash position of $7.5 million, the Board engaged in a comprehensive discussion on optimizing fund utilization to ensure sustained growth-oriented operations. Directors underscored the potential risks associated with early special dividend issuance, emphasizing the importance of strategic fund allocation and signaling a commitment to preserving shareholder value.
Following a thorough analysis of current market conditions, the Board decided to augment the Company’s share buyback program from the initial $2 million to $5 million. The consensus among the Directors was that reinforcing the buyback initiative would be more favorably received and add greater value to the Company’s current standing. This decision reflects the Board’s commitment to adapting strategies in response to market dynamics.
LQR House CEO, Sean Dollinger, commented on the decision, stating, “We believe that LQR House has consistently followed through on its commitments, which is why we are postponing the decision on distribution of dividend for the time being. We believe that increase of the buyback program instead allows us to immediately support the current share price, providing an instant value for our shareholders. We have been actively monitoring message boards and emails from investors, and our approach remains one of transparent communication and actions that benefit both the Company and our shareholders.”
