GAN Extends Share Buyback Plan
GAN Ltd. (NASDAQ:GAN) announced today it is extending a previously announced $5 million share repurchase program. The move potentially provides some relief to its badly battered shares.
The gaming technology provider said it’s pushing the deadline of the previously announced buyback plan to Nov. 30.
The repurchase plan, which was announced last December, was slated to expire on May 31. GAN didn’t say how much of the $5 million remains.
The buyback is GAN’s first shareholder rewards program since its May 2020 initial public offering (IPO). Formerly GameAccount Network, the company provides software-as-a-service (SaaS) solutions for iGaming and sportsbook operators.
GAN’s decision to extend the buyback could ultimately prove to be the right call because, like other gaming equities, the stock is being pummeled. The shares plunged 8.41% today, extending a slump that’s seen the stock shed more than a third of its value in the current quarter and two-thirds of its value on a year-to-date basis. GAN stock has been lower by 82.9% over the past 12 months.
With today’s close at $3.05, GAN could affect a significant outstanding share reduction, depending on how much remains on the buyback effort. The company has 42.25 million shares outstanding.
“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,” adds the company.
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article by Todd Shriber of Casino.org
The gaming technology provider said it’s pushing the deadline of the previously announced buyback plan to Nov. 30.
The repurchase plan, which was announced last December, was slated to expire on May 31. GAN didn’t say how much of the $5 million remains.
The buyback is GAN’s first shareholder rewards program since its May 2020 initial public offering (IPO). Formerly GameAccount Network, the company provides software-as-a-service (SaaS) solutions for iGaming and sportsbook operators.
GAN’s decision to extend the buyback could ultimately prove to be the right call because, like other gaming equities, the stock is being pummeled. The shares plunged 8.41% today, extending a slump that’s seen the stock shed more than a third of its value in the current quarter and two-thirds of its value on a year-to-date basis. GAN stock has been lower by 82.9% over the past 12 months.
With today’s close at $3.05, GAN could affect a significant outstanding share reduction, depending on how much remains on the buyback effort. The company has 42.25 million shares outstanding.
“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,” adds the company.
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article by Todd Shriber of Casino.org
