GAN Announces Extension of Share Repurchase Plan

Rhea-AI Summary

GAN Limited (NASDAQ: GAN) has extended its share repurchase program, allowing the purchase of up to $5 million of ordinary shares until November 30, 2022. Repurchases will be made using cash on hand and operations, returning bought shares to treasury for cancellation. The specific timing and number of shares will depend on market conditions and management discretion. GAN emphasizes that this authorization does not guarantee the purchase of a set number of shares.

Positive

• Share repurchase program extended, enhancing shareholder value.
• Up to $5 million available for share buyback potentially boosting EPS.

Negative

• No guarantees on the number of shares purchased, leading to investor uncertainty.

Authorization extended for an additional six months

IRVINE, Calif.--(BUSINESS WIRE)-- GAN Limited (the "Company" or "GAN") (NASDAQ: GAN), a leading North American B2B technology provider of real money internet gaming solutions and a leading International B2C operator of Internet sports betting, today announced that its Board of Directors has authorized an extension of the previously authorized share repurchase program which permits the Company to purchase up to an aggregate of $5 million of its ordinary shares on the NASDAQ Capital Market. The program’s expiration date has been extended to November 30, 2022.

The shares will be repurchased with cash on hand and cash from operations. Any shares repurchased will be returned to treasury for cancellation. The price which the Company will pay for any such shares will be the prevailing market price at the time of acquisition, subject to certain limitations imposed by applicable securities laws. 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 authorization does not obligate GAN to acquire any particular number of shares and repurchases may be suspended or terminated at any time at GAN’s discretion.

About GAN Limited

GAN is a leading business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the U.S. land-based casino industry and is a market-leading operator of proprietary online sports betting technology with market leadership positions in select European and Latin American markets. GAN has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses to land-based U.S. casino operators as a turnkey technology solution for regulated real money internet gambling, encompassing internet gaming, internet sports betting and social casino gaming branded as ‘Simulated Gaming.’

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the amount, timing and effect of any repurchases of ordinary shares under the repurchase plan. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding future business opportunities as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate" and similar statements of a future or forward-looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties, and other important factors that may cause actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220613005809/en/

Investor Contacts:

GAN

Robert Shore

Vice President, IR and Capital Markets

(610) 812-3519

rshore@GAN.com

Alpha IR Group

Ryan Coleman or Davis Snyder

(312) 445-2870

GAN@alpha-ir.com

Source: GAN Limited

FAQ

What is GAN's share repurchase program extension about?

GAN Limited has extended its share repurchase program allowing for the acquisition of up to $5 million of its shares until November 30, 2022.

How will GAN finance the share repurchases?

The repurchases will be funded with cash on hand and cash from operations.

What factors influence the timing of GAN's share repurchases?

The timing and manner of share repurchases will be determined by market conditions and management's discretion.

What is the expected impact of the share repurchase on GAN's stock price?

The program could enhance shareholder value and potentially improve EPS, but the actual impact will depend on market dynamics.