(RTTNews) - Galaxy Gaming Inc. (GLXZ), an independent developer and distributor of casino table games and technology company, said Wednesday its board authorized a share repurchase program of up to $4 million of the company's outstanding stock, effective immediately.
The company said the authorization follows the termination of its merger agreement with Evolution Malta Holding Ltd. Evolution AB (EVO.ST) has acknowledged its obligation to pay the company a $5.2 million termination fee.
The company said the repurchase program reflects the board's confidence in its strategy, financial position, management team, and belief that the shares are undervalued.
The new authorization supersedes the company's previous $750,000 share repurchase program, under which no shares had been repurchased as of July 22.
Evolution AB is currently trading 0.26% higher at SEK 691.40 on the Stockholm Stock Exchange.
On Tuesday, Galaxy Gaming closed trading 4.46% lesser at $1.5000 on the OTC market.
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