Why The Retractable Technologies (RVP) Stock Increased 8.38% – Pulse 2.0
The stock price of Retractable Technologies (RVP) increased by 8.38% in the most recent trading session.
Why: Retractable Technologies announced that it has agreed to repurchase three million shares of its common stock in a private transaction with BML Investment Partners, L.P. Braden Leonard, on behalf of the selling shareholder, approached the company with an offer to sell a block of shares prior to year-end.
The company accepted, determining it would be advantageous to buy a large block of shares in one transaction, especially given the stock’s low price. And the parties negotiated a price of $1.60 per share, being an 8% discount from the $1.74 per share closing price as of December 22, 2022.