GAN Repurchases $1 Million in Common Shares

GAN Purchase Stocks

  • GAN Ltd exercised its share repurchase authorization last week.
  • Under the repurchase, GAN bought back 303,000 shares on the open market at $3.30 per share.
  • GAN is a leading B2B gambling software supplier in the United States gambling industry.

GAN Ltd announced last week that it has exercised its share repurchase authorization and has repurchased 303,000 common shares on the open market. The repurchase was worth $1 million or a price of $3.30 per share.

The authorization was initially set to expire last May 31, 2022, but last month, the company’s board approved an extension of up to November 30, 2022, with currently $4 million left in the current authorization.

Terms of the Authorization

Under the terms of the authorization, GAN will use cash on hand and cash from operations to purchase any additional shares. Repurchased shares will be returned to the treasury for cancellation. Such shares will be paid by the company at the prevailing market price at the time of the acquisition but are subject to limitations.

Meanwhile, the manner, timing, and the number of shares repurchased under the authorization will be determined by the management at its discretion in consultation with the board. It will depend on several factors, including general economic and market conditions, alternative investment opportunities, and other business considerations.

The authorization does not require the company to acquire a specific number of shares of stock, and that GAN has the option to suspend or terminate repurchases at any time.

GAN Recently Launched in Ontario

GAN is a leading B2B supplier of gambling software in the United States gambling industry. It also operates proprietary sports betting technology in select and leading European and Latin American markets.

Just last April, GAN launched its casino and sports betting technology services in Ontario by offering its player account management and its proprietary online gambling enterprise software system GameStack to operators like FanDuel, Wynn Resorts, and Bet365.

Its Coolbet B2C website also recently went live in the region after receiving an operator’s license from the Alcohol and Gaming Commission of Ontario.

Shane Acedera / Author

Shane grew up watching the Magic & Bird rivalry but ended up rooting for Detroit's Bad Boys team in the 1990s NBA. He loves to tell sports stories and has been writing about sports since high school. When Shane isn't busy jotting down his thoughts, he's just chillin' at home with his wife Rocelle and their two dogs named Horry and Fisher. He recently added a new family member, adopting a handsome retired K-9 named Ranger.

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