The average cost per share was $3.30, with the total coming to approximately $1m. The current authorisation expires on 30 November 2022, with approximately $4m remaining.
Cash on hand and cash from operations will be used to purchase any additional shares under the current authorisation, with any repurchased shares to be returned to the treasury for cancellation. Share prices will adhere to prevailing market prices at the time of acquisition, subject to certain limitations.
Management, together with the board, will determine the manner, timing and number of shares repurchased under authorisation, with common share market price, economic conditions and alternative investment opportunities taken into consideration.
The authorisation does not require the company to acquire a specific number of shares, and that GAN may suspend or terminate repurchases at any time.
The GAN board approved an extension of the authorisation in June 2022, which was originally set to expire on 31 May 2022.
GAN supplies B2B gambling software to the US casino industry, as well as operates proprietary online sports betting technology in European and Latin American markets.
