GrowGeneration Shares Slip 10% As It Terminates HGS Hydro Acquisition

Shares of GrowGeneration Corp. (GRWG) slipped over 10% on Wednesday morning after the chain of specialty hydroponic and organic garden centers said it has mutually terminated previously signed deal to acquire HGS Hydro. Following the termination of the planned acquisition, the company has revised down its revenue guidance down for the current fiscal year.

GRWG is currently trading at $21.22, down $2.53 or 10.65%, on the Nasdaq.

GrowGeneration lowered its sales guidance to $440 million to $452 million, compared with its previous guidance of $455 to $475 million. It also sees adjusted EBITDA for the full year of $47 million to $51 million.

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