GAN announces share repurchase program
GAN today announced that its Board of Directors has authorized a share repurchase program which permits the company to purchase up to an aggregate of $5 million of its ordinary shares on the NASDAQ Capital Market. Share repurchases under the new authorization may begin immediately and the program will expire on May 31, 2022.
The shares will be repurchased with cash on hand and cash from operations. Any shares repurchased will be returned to treasury for cancellation. The price which the Company will pay for any such shares will be the prevailing market price at the time of acquisition, subject to certain limitations imposed by applicable securities laws.
The actual timing, manner, and number of shares repurchased under the program will be determined by management at its discretion, together with further discussions with the board, and will depend on several factors, including the market price of GAN’s common shares, general market and economic conditions, alternative investment opportunities, and other business considerations in accordance with applicable securities laws and exchange rules. The authorization does not obligate GAN to acquire any particular number of shares and repurchases may be suspended or terminated at any time at GAN’s discretion.
Dermot Smurfit, Chief Executive Officer of GAN, commented:”We continue to believe that the best use of our capital to drive long-term shareholder value is centered around our strategic growth initiatives such as investing in our technology, supporting client launches and building out our Super RGS content portfolio and omnichannel GAN Sports platform. However, we also recognize the value opportunity that has developed in our stock and want to be prepared to act opportunistically during periods when the share price becomes significantly dissociated from our future earnings potential. Today’s announcement provides us with an effective tool to do exactly that, support our stockholders and drive long-term balanced returns.”