The NFT Gaming Company Announces $500,000 Share Repurchase Plan

Rhea-AI Summary

The NFT Gaming Company, Inc. (NASDAQ:NFTG) announced a $500,000 stock repurchase program aimed at enhancing shareholder value amidst favorable capital market conditions. CEO Vadim Mats highlighted the company's commitment to delivering value through this measured buyback. The exact timing and number of shares to be repurchased will depend on various factors, including cash flow and market conditions. The program is discretionary, allowing flexibility to suspend or discontinue it. This move underscores the company's strategic approach to boost investor confidence while developing its digital gaming platform and NFT offerings.

Positive

• Authorization of a $500,000 stock buyback enhances shareholder value.
• Demonstrates management's confidence in the company's future.
• Flexibility in share repurchase allows strategic timing and decision-making.

Negative

• None.

Roseland, NJ , March 22, 2023 (GLOBE NEWSWIRE) -- The NFT Gaming Company, Inc. (NASDAQ:NFTG) ("NFT Gaming" or the "Company"), a company developing a digital gaming platform and community that will offer users the ability to mint unique avatars playable in all of the games on the platform in the form of non-fungible tokens, or “NFTs,” today announced that the Board of Directors has authorized the repurchase of up to $500,000 of the Company's common stock.

“The current capital market conditions allow us to capture additional value for all shareholders through this measured buyback program. Our Board of Directors and executive management team are committed to delivering value to our shareholders,” said Vadim Mats, Chief Executive Officer.

The timing, the number of shares repurchased, and prices paid for the stock under this program will depend on available liquidity, cash flows and market conditions as well as corporate and regulatory limitations, including blackout period restrictions. The repurchase program does not obligate the Company to acquire any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company's discretion.

About The NFT Gaming Company, Inc.

The NFT Gaming Company is developing a digital gaming platform that will offer our proprietary games as well as games developed and published by third parties. Our vision is to develop, design, acquire, and manage conventional digital games and to combine them with novel methods, such as the ability to create and mint unique in-game features, such as skins, characters, weapons, gear, in the form of non-fungible tokens, or “NFTs,” that will allow users to have unique experiences and more control over in-game assets. We plan to initially launch our own proprietary games that are simple and fun to play, and that offer gamers the ability to mint their own affordable NFTs within the platform, with unique and exclusive features, that can be utilized across the network of games and platform that we plan to build.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the Company's initial public offering. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to the Company on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including, without limitation, those set forth in the Risk Factors section of the Company's Registration Statement and preliminary prospectus for the offering filed with the SEC. Thus, actual results could be materially different. The Company undertakes no obligation to update these statements whether as a result of new information, future events or otherwise, after the date of this release, except as required by law.

The NFT Gaming Company, Inc. Company Contact

Investor Relations

E:ir@nftgco.com
T: 1-888-319-2499

FAQ

What is the purpose of NFT Gaming's $500,000 stock repurchase program?

The program aims to enhance shareholder value by repurchasing common stock under favorable market conditions.

When was the stock buyback announced by NFT Gaming?

The buyback program was announced on March 22, 2023.

How will NFT Gaming execute the stock repurchase program?

The execution will depend on liquidity, cash flows, market conditions, and the company's discretion.

What is the potential impact of the stock repurchase on NFTG's stock price?

The buyback could potentially increase NFTG's stock price by reducing the total share count, thus enhancing EPS.