Snail, Inc. Announces $5 Million Share Repurchase Program

Rhea-AI Summary

Snail, Inc. (NASDAQ: SNAL) announced a share repurchase program authorized by its Board of Directors to buy back up to $5 million of its Class A common stock. This program will commence once Snail initiates the buyback, with no fixed expiration date. Repurchases will occur through various methods including open market transactions and block trades, subject to market conditions and liquidity requirements. This move aims to enhance shareholder value amidst ongoing compliance with Nasdaq listing rules.

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• Share repurchase program of up to $5 million aims to enhance shareholder value.

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CULVER CITY, Calif., Nov. 10, 2022 (GLOBE NEWSWIRE) -- Snail, Inc. (NASDAQ: SNAL) (“Snail”) announced that its Board of Directors has today authorized a share repurchase program under which Snail may repurchase up to $5 million in outstanding shares of its Class A common stock, subject to ongoing compliance with Nasdaq listing rules.

The repurchase program will go into effect when Snail begins the share repurchase, and the program does not have a fixed expiration date. The share repurchases may be made from time to time through open market transactions, block trades, privately negotiated transactions or otherwise and are subject to market and business conditions, levels of available liquidity, cash requirements for other purposes, regulatory, and other relevant factors.

About Snail, Inc.

Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

Investor Relations Contact

investors@snail.com

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements that include, without limitation, references to Snail’s expectations regarding the timing and manner of repurchases made under its share repurchase program. These statements are subject to certain risks, uncertainties and assumptions that are difficult to predict, including those that are described more fully in the section captioned “Risk Factors” in the Registration Statement for the offering to which this press release relates that has been filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Snail undertakes no duty to update such information except as required under applicable law.

FAQ

What is the purpose of Snail's share repurchase program?

The purpose of the share repurchase program is to enhance shareholder value by buying back up to $5 million in outstanding shares.

When will Snail start its share repurchase program?

Snail will initiate the share repurchase program when they begin the buyback process; it does not have a fixed expiration date.

What factors will affect Snail's share repurchases?

Share repurchases will depend on market conditions, business conditions, available liquidity, and cash requirements.

How much may Snail repurchase under the program?

Snail may repurchase up to $5 million of its Class A common stock.

Does Snail have to comply with any regulations for the buyback?

Yes, the buyback program is subject to ongoing compliance with Nasdaq listing rules.