Shares may be bought at the prevailing market price at the time of purchase, and will be paid for using cash on hand and cash from operations.
The timing, manner and number of shares to be repurchased will be determined by management at its discretion, alongside further discussions with the board, and will depend on several factors, GAN said.
The price of common shares, the market and economic conditions, alternative investment opportunities and other business considerations will all influence management’s decision to repurchase the shares, the business said.
“We continue to believe that the best use of our capital to drive long-term shareholder value is centred around our strategic growth initiatives such as investing in our technology, supporting client launches and building out our Super RGS content portfolio and omnichannel GAN Sports platform,” said GAN CEO Dermot Smurfit.
GAN’s share price fell from $14.72 prior to the release of its Q3 2021 results, to $13.60 in the wake of the report some three weeks ago. Since then, the price has fallen to its 52-week low of $9.41, and sits at $9.67 at the time of writing.
Q3 saw the business report a 5.8% reduction in revenue compared to the previous quarter, bringing in a total of $32.3m, while high costs saw its quarterly net losses increase to $7.9m.
Smurfit said at the time that the results were in line with expectations – but with share prices tumbling across the iGaming industry in Q4, GAN was not exempt from the apparent negative sentiment felt by investors towards the sector.