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      Kaival Brands Innovations Group Inc. (KAVL) stock Makes a Comeback After hours - Stocks Telegraph

      By Gule Rukhsar

      Published on

      March 15, 2022

      5:49 AM UTC

      Kaival Brands Innovations Group Inc. (KAVL) stock Makes a Comeback After hours - Stocks Telegraph

      On March 14, Kaival Brands Innovations Group Inc. (KAVL) rebounded in the after-hours to add 15.83%. The stock had been in a downtrend since March 11 while the previous news from the company was an SEC filing on March 10.

      Source: Uni of Utah

      In the regular trading session, KAVL stock plunged down by a huge 25.67% while the volume remained below the average. The stock closed the session in the red at a price of $1.39 per share as 2.26 million shares exchanged hands. Following this, the stock made a comeback in the after-hours as it entered the green. Thus, the stock was trading at a price of $1.61 per share in the after-hours on Monday. The volume of the shares traded in the after-hours session was 344.39K.

      The e-cigarettes seller, Kaival Brands Innovations Group Inc. was founded in 1998. Currently, its 30.23 million outstanding shares trade at a market capitalization of $56.54 million.

      What Happened with KAVL?

      On March 10, the company filed a current report on Form 8-K with the SEC regarding changes in the compensatory arrangements of its CEO and CFO. Certain changes were reported in the cash compensation of Nirajkumar Patel (CEO) and Eric Mosser (CFO). These changes included termination of restricted stock units and cash bonus, change in base salary, and grant of stock options. Subsequent to the filing, the stock entered a downtrend on the following day. KAVL continued to decline on Monday as well to reach a low of 1.39 in the regular session. Following this, the stock rebounded in the after-hours session. Since there is no latest news or filing from the company, it seems the stock rebounded on external factors. The low price of the stock also seems to have contributed towards the recovery as investors might have found it a good buying opportunity.

      Company News

      On February 18, the company reported receiving a letter from Nasdaq, dates February 17, 2022. As per the notification, the company has regained compliance with the minimum bid price requirement under Listing Rule 555099(a)(2). Thus, the matter of the company being in non-compliance due to the below $1.00 closing bid price has been resolved.

      KAVL’s Fiscal 2021 Results

      For fiscal 2021 ended on October 31, 2022, KAVL reported revenues of $58.8 million against $64.3 million in the prior year. The reason for this decline was the restriction of marketing non-tobacco flavored BIDI® Sticks in the U.S. due to the FDA’s issuance of Bidi Vapor’s MDO.

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