Snail announces buyback plans just after IPO; shares rebound

Snail

11/11/2022 14:34

** Shares of technology-based Snail Inc  SNAL.O  jump 85% to
$4.20 on co's buyback plans, a day after tanking on debut
    ** Stock closed down 55% at $2.25 on Thurs after IPO priced
at $5 per share
    ** Co announced a $5-mln share buyback program after market
close 
    ** Repurchase through a combination of open market
transactions, block trades, privately negotiated transactions
without any set date of expiration
    ** Founded in 2009, Snail Games USA is an independent
developer and interactive digital entertainment publisher and
subsidiary of Suzhou Snail Digital Technology Co
    ** Between 2019 and 2021, net revenue rose nearly 24% to
$106.7 mln 
    ** Over 5 mln shares changed hands so far
 (Reporting by Ankika Biswas in Bengaluru)
 ((Ankika.Biswas@thomsonreuters.com))