AGS announces share repurchase program
AGS has announced that its board of directors has approved a share repurchase program that will permit the Company to repurchase up to $50.0 million of the Company’s shares of common stock through August 11, 2021.
The Company may consummate these repurchases pursuant to one or more trading plans to be adopted in accordance with Rule 10b5‐1 of the Securities Exchange Act of 1934, as amended, in privately negotiated transactions, in open market transactions, in transactions pursuant to Rule 10b-18 of the Securities Exchange Act of 1934, as amended, or pursuant to an accelerated share repurchase program.
The timing and amount of any repurchases will be in the sole discretion of the Company’s management team, and will depend on legal requirements, market conditions, stock price, alternative uses of capital, and other factors. The Company is not obligated to repurchase any of its shares of common stock, and the stock repurchase program may be suspended or discontinued at any time.
AGS President and Chief Executive Officer David Lopez said, “This share repurchase program demonstrates our board of directors’ confidence in the continued strength and long-term growth prospects of AGS. We believe that the company’s shares are significantly undervalued and that we can implement this program while maintaining ample liquidity to continue investing in R&D and capitalizing on numerous potential growth initiatives ahead of us.”