Shares of Jupiter Wellness experienced a decline on Tuesday following the announcement of two new executive appointments in the wake of its recent acquisition. The stock dipped by 15% to 47 cents during early-morning trading. Despite reaching a six-month high on Monday, driven by the news of acquiring GBB Drink Lab’s assets, including an alcohol-detoxification drink, the stock is still down by 39% year to date.
Based in Jupiter, Florida, the health and wellness company revealed that David Sandler would be joining as the chief operating officer, while Josh Wagner would assume the role of chief revenue officer. Sandler comes with experience as the COO of Elite Beverage and as the founder of a prominent health and nutrition consulting firm. On the other hand, Wagner brings his expertise from his previous position as sales director at Anheuser-Busch InBev and his consulting work for Lyrical Lemonade.
Although the terms of the acquisition of the hangover cure and other assets from GBB Drink Lab were not disclosed, Jupiter Wellness stated that an independent third party assessed the value of the asset at $53 million.