GAN Limited, an internet sports betting operator and North American technology provider of real money internet gaming solutions, has announced that its Board of Directors authorized an extension to the company’s share repurchase program.
The previously authorized program allows GAN to buy its ordinary shares on the NASDAQ Capital Market up to an aggregate of $5m.
The Board of Directors authorized the extension to last until November 30, 2022.
According to a company statement, it will repurchase the shares with cash on hand and with cash from its operations. Repurchased shares will be returned to its treasury and then canceled.
GAN will pay the prevailing market price at the time the shares were acquired, subject to applicable laws and certain limitations.
The company said in an official statement: “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 company also stated it is not obligated to acquire a specific number of shares and that the company can suspend or terminate repurchases at its discretion at any time.
GAN Limited supplies internet gaming software to US land-based casinos. Its brand is also prominent in the Latin American and European markets.
The company recently launched its iGaming and online sports betting platforms in the state of Michigan via the Soaring Eagle Casino & Resort as part of an agreement with the Saginaw Chippewa Indian Tribe of Michigan. The casino resort will have access to GAN’s GameSTACK enterprise software platform, according to the terms of the deal.
