{"id":217123,"date":"2022-06-13T16:04:19","date_gmt":"2022-06-13T23:04:19","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=217123"},"modified":"2022-06-16T16:11:27","modified_gmt":"2022-06-16T23:11:27","slug":"gan-extends-buyback-deadline-as-shares-swoon","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/gan-extends-buyback-deadline-as-shares-swoon\/","title":{"rendered":"GAN Extends Share Buyback Plan"},"content":{"rendered":"

GAN Ltd. (NASDAQ:GAN) announced today it is extending a previously announced $5 million share repurchase program. The move potentially provides some relief to its badly battered shares.<\/p>\n

\"GAN
The Nasdaq market site, listing venue for GAN Ltd. The company is extending its buyback plan. (Image: Bloomberg<\/em>)<\/figcaption><\/figure>\n

The gaming technology provider said it\u2019s pushing the deadline of the previously announced buyback plan to Nov. 30.<\/p>\n

The shares will be repurchased with cash on hand and cash from operations. Any shares repurchased will be returned to treasury for cancellation. The price which the Company will pay for any such shares will be the prevailing market price at the time of acquisition, subject to certain limitations imposed by applicable securities laws,\u201d according to a statement issued by the gaming company after the close of US markets.<\/p><\/blockquote>\n

The repurchase plan, which was announced last December<\/a>, was slated to expire on May 31. GAN didn\u2019t say how much of the $5 million remains.<\/p>\n

GAN Extension Could Be Smart Move<\/h2>\n

The buyback is GAN\u2019s first shareholder rewards program since its May 2020 initial public offering<\/a> (IPO). Formerly GameAccount Network, the company provides software-as-a-service (SaaS) solutions for iGaming and sportsbook operators.<\/p>\n

\n

GAN\u2019s decision to extend the buyback could ultimately prove to be the right call because, like other gaming equities, the stock is being pummeled. The shares plunged 8.41% today, extending a slump that\u2019s seen the stock shed more than a third of its value in the current quarter and two-thirds of its value on a year-to-date basis. GAN stock has been lower by 82.9% over the past 12 months.<\/p>\n<\/div>\n

With today\u2019s close at $3.05, GAN could affect a significant outstanding share reduction, depending on how much remains on the buyback effort. The company has 42.25 million shares outstanding.<\/p>\n

\u201cThe actual timing, manner, and number of shares repurchased under the program will be determined by management at its discretion, together with further discussions with the board, and will depend on several factors, including the market price of GAN\u2019s common shares, general market and economic conditions, alternative investment opportunities, and other business considerations,\u201d adds the company.<\/p>\n

Buyback Parade Continues in Gaming Industry<\/h2>\n

Including GAN, a slew of gaming companies are using share repurchase programs<\/a> to reward investors. These include casino operators, gaming technology providers, and slot machine manufacturers.<\/p>\n

More gaming stocks announced buyback plans in the past nine months than in any comparable period in 10+ years,\u201d says Roth Capital analyst Edward Engel in a note to clients last month. \u201cAmong US-listed companies, 12 gaming operators\/suppliers authorized repurchase plans since August 2021, including a flurry of announcements this month.\u201d<\/p><\/blockquote>\n

The key is whether or not companies will execute buybacks with share prices currently depressed. Repurchase programs aren\u2019t binding, meaning firms don\u2019t have to deliver on the announcements. Historical data confirm that, regardless of industry, corporations typically reduce buybacks in bear markets and times of economic duress.<\/p>\n","protected":false},"excerpt":{"rendered":"

GAN Ltd. (NASDAQ:GAN) announced today it is extending a previously announced $5 million share repurchase program. The move potentially provides some relief to its badly battered shares. The gaming technology provider said it\u2019s pushing the deadline of the previously announced buyback plan to Nov. 30. The shares will be repurchased with cash on hand and […]<\/p>\n","protected":false},"author":46,"featured_media":217124,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,16693],"tags":[],"acf":[],"yoast_head":"\nGAN Extends Buyback Deadline As Shares Swoon<\/title>\n<meta name=\"description\" content=\"GAN extends share buyback plan as stock tumbles.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/gan-extends-buyback-deadline-as-shares-swoon\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GAN Extends Buyback Deadline As Shares Swoon\" \/>\n<meta property=\"og:description\" content=\"GAN extends share buyback plan as stock tumbles.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/gan-extends-buyback-deadline-as-shares-swoon\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-13T23:04:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-16T23:11:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/GAN.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1333\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/gan-extends-buyback-deadline-as-shares-swoon\/\",\"url\":\"https:\/\/www.casino.org\/news\/gan-extends-buyback-deadline-as-shares-swoon\/\",\"name\":\"GAN Extends Buyback Deadline As Shares Swoon\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/gan-extends-buyback-deadline-as-shares-swoon\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/gan-extends-buyback-deadline-as-shares-swoon\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/GAN.jpg\",\"datePublished\":\"2022-06-13T23:04:19+00:00\",\"dateModified\":\"2022-06-16T23:11:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"GAN extends share buyback plan as stock tumbles.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/gan-extends-buyback-deadline-as-shares-swoon\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/gan-extends-buyback-deadline-as-shares-swoon\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/gan-extends-buyback-deadline-as-shares-swoon\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/GAN.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/GAN.jpg\",\"width\":2000,\"height\":1333,\"caption\":\"The Nasdaq market site, listing venue for GAN Ltd. 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