Playmaker Capital, a digital sports media company that says it delivers authentic content experiences through its portfolio of sports media and technology brands, on Tuesday said Jordan Gnat, its Chief Executive Officer, has purchased 427,500 common shares of Playmaker in the secondary market since March 28.
In addition to the acquisition of common shares by CEO Gnat, other members of Playmaker’s management team and board of directors have purchased common shares in the secondary market, the company noted.
In aggregate, these so-called “insiders” of Playmaker have acquired 876,500 common shares since March 28, the company reported.
Since Playmaker Capital’s common shares commenced trading on the TSX Venture Exchange on June 3, 2021, Gnat has purchased 802,500 common shares in the secondary market, and other members of Playmaker’s management team and board have purchased 938,300 common shares in the secondary market, for an aggregate total of 1,740,800 common shares purchased by insiders, the company added.
The stock purchase announcement came just two weeks after Playmaker released its financial results for the first quarter of 2022.
According to the company, its operating segments “continued to drive profitable growth” in Q1 2022, delivering a 37% increase in pro forma revenue compared to Q1 2021 while contributing $1.6m of operating income and $1.7m of Adjusted EBITDA in the quarter.
Mike Cooke, Playmaker’s CFO, said in a statement, “We also continue to focus on strengthening our balance sheet, closing a $15.0m credit facility during the quarter. The addition of such a significant amount of available capital, combined with $5.1m of cash on hand at quarter-end, provides us with flexibility to continue to opportunistically pursue our M&A strategy.”
