Tapinator Management Makes $300,000 Insider Buying Commitment
Tapinator (OTC: TAPM) announced a commitment from its senior leadership team to purchase at least $300,000 of the company's stock from August 1, 2020 to July 30, 2023. The commitment is shared equally between Chairman & CEO Ilya Nikolayev and President & CFO Andrew Merkatz. The executives expressed confidence in the company's current valuation, citing record second-quarter results and a 27% EBITDA margin. Insider purchases totaling 4,750 shares at an average price of $4.16 were reported, demonstrating management's commitment to enhancing shareholder value.
- Senior leadership's commitment to purchase $300,000 worth of TAPM stock demonstrates confidence in the company's valuation.
- Recorded best ever bookings, net income, and adjusted EBITDA performance in the company's history, including a 27% EBITDA margin.
- Insider purchases of 4,750 shares at an average price of $4.16 indicate management's belief in the stock's potential.
- The public float of less than 400,000 shares may result in increased volatility in stock trading.
- Thin trading on the OTC Marketplace can lead to difficulty for shareholders in reselling shares.
NEW YORK, Aug. 27, 2020 /PRNewswire/ -- Tapinator, Inc. (OTC: TAPM) ("Tapinator," the "Company," "we," "our" or "us"), a developer and publisher of category leading games for mobile platforms, today announced that its senior leadership team has committed to purchase a minimum of
The
Messrs. Nikolayev and Merkatz offered the following joint statement: "Following the publication of our second quarter results in which we delivered the best bookings, net income, earnings per share, and adjusted EBITDA results in the Company's history, including a
Mr. Nikolayev and Mr. Merkatz have already begun fulfilling their contractual commitment and, pursuant to the Company's Insider Trading Policy, reported between them insider purchases on four separate trading days thus far in August, totaling 4,750 shares of the Company's common stock purchased at a weighted average per share price of
Additionally and as previously reported, Mr. Teymour Farman-Farmaian, an independent director of the Company, recently added to his position via open market purchases made pursuant to the Company's Insider Trading Policy on two separate trading days thus far in August, totaling 2,745 shares of the Company's common stock purchased at a weighted average per share price of
After giving effect to the transactions describe above, Mr. Nikolayev, Mr. Merkatz and Mr. Farman-Farmaian directly or indirectly own 78,674, 37,250 and 8,860 shares of the Company's common stock or
Additionally, Tapinator is pleased to announce the Company's Board of Directors has recently adopted Stock Ownership Guidelines to better align the interests of its non-employee directors with the interests of stockholders and further promote the Company's commitment to sound corporate governance. Mr. Farman-Farmaian commented, "Tapinator has executed a remarkable business transformation over the past several years from Rapid-Launch to Category-Leading Games. The most recent quarterly numbers are evidence of this transformation. I expect to continue adding to my ownership position of Tapinator through open market purchases or purchases directly from the Company pursuant to the Company's Insider Trading Policy and according to the Stock Ownership Guidelines which we recently adopted and I am excited to participate in."
For additional information regarding the new director ownership guidelines and contractual covenants described above as well as certain other amendments to the executive employment agreements of Messrs. Nikolayev and Merkatz, including modifying the term and severance obligation of those agreements, please see the Supplemental Information Reports filed by the Company with OTC Markets on August 26, 2020 located at https://www.otcmarkets.com/stock/TAPM/disclosure.
About Tapinator
Tapinator Inc. (OTC: TAPM) develops and publishes category leading games for mobile platforms, with a focus on social casino games. Tapinator's library includes more than 300 titles that, collectively, have achieved over 500 million mobile downloads, including notable properties such as Video Poker Classic and Solitaire Derby. Tapinator generates revenues through the sale of branded advertising and via consumer transactions, including in-app purchases and subscriptions. Founded in 2013, Tapinator is headquartered in New York, with product development and marketing teams located in North America, Europe and Asia. Consumers can find high-quality mobile entertainment wherever they see the 'T' character logo, or at http://tapinator.com.
Forward Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Tapinator, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "goal," "plan," "feel," "may," "will," "expect," "anticipate," "estimate," "intend," "target," and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements include, among other things, our strong belief that Tapinator's equity is fundamentally and deeply undervalued, our expectation that we will launch an exciting new social game in the coming months, our belief that Tapinator's stock is well positioned for significant capital appreciation and Mr. Farman-Farmaian's expectation to continue adding to his ownership position of Tapinator through open market purchases or purchases directly from the Company. Forward-looking statements are subject to risks and uncertainties that could cause our future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Except as required by law, Tapinator undertakes no obligation to update or revise any forward-looking statements. The quoting and trading of the Company's common stock on the OTC Marketplace is often thin and characterized by wide fluctuations in trading prices, due to many factors that may have little to do with the Company's operations or business prospects. As a result, there may be volatility in the market price of the shares of the Company's common stock for reasons unrelated to operating performance. Moreover, the OTC Marketplace is not a stock exchange, and trading of securities on it is often more sporadic than trading of securities listed on a national securities exchange. Accordingly, stockholders may have difficulty reselling any of their shares. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company, please see the Company's Supplemental Information Report filed with the OTC Markets located at: https://backend.otcmarkets.com/otcapi/company/financial-report/241817/content.
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SOURCE Tapinator, Inc.
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