The board of directors of B2B tech provider and B2C sports betting operator GAN, has given authorization for the extension of its share repurchase program for a further six months.
Extended until November 30, 2022, the scheme allows the company to purchase up to an aggregate of $5m ordinary shares on the NASDAQ stock exchange.
Under the plan’s terms, all shares will be repurchased with cash on hand and cash from operations, any repurchased shares are set to be returned to the treasury for cancellation.
GAN informed stakeholders that the price of any shares will be determined by ‘the prevailing market price at the time of acquisition, subject to certain limitations imposed by applicable securities laws’.
GAN first floated on NASDAQ in May 2020 following a successful IPO raising $54m via 6.4 million shares at $8.50.
Before this, GAN shares were traded on AIM, a market operated by the London Stock Exchange.
Laying out the terms of the share repurchase plan extension, GAN stated: “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.”