LAS VEGAS, NV - Galaxy Gaming, Inc. (OTCQB:GLXZ), a Nevada-based company specializing in casino table games and related products, announced the extension of its 2014 Equity Incentive Plan. On Monday, the board of directors approved an amendment to prolong the plan for an additional ten years, effective from January 1, 2024.
The Equity Incentive Plan, originally established to provide eligible employees, directors, and consultants with the opportunity to acquire a proprietary interest in the company, has been a part of Galaxy Gaming's strategy to attract and retain top talent in the competitive gaming and entertainment industry.
The amendment to the plan was disclosed in a Form 8-K filed with the Securities and Exchange Commission (SEC) today, with a detailed Amended and Restated Plan attached as Exhibit 10.1. This strategic move by the company's board is aimed at continuing to align the interests of its stakeholders with those of the company by providing equity-based incentives.
Galaxy Gaming's Chief Financial Officer, Steven Kopjo, signed off on the filing, underscoring the company's commitment to transparency and adherence to regulatory requirements.
The announcement does not detail specific allocations or awards under the Amended and Restated Plan, which typically includes options, stock appreciation rights, restricted stock, and other equity-based awards. These types of plans are common in the industry as a means to motivate employees through ownership stakes and potential financial gains tied to the company's performance.
InvestingPro Insights
As Galaxy Gaming, Inc. (OTCQB:GLXZ) fortifies its competitive edge by extending its Equity Incentive Plan, investors may find the latest financial data and insights from InvestingPro particularly informative. The company's market capitalization stands at a modest $34.94M, which can be an indicator of its size in the gaming and entertainment industry. Despite not being profitable over the last twelve months, Galaxy Gaming has demonstrated a high return over the last decade, an InvestingPro Tip that could suggest a track record of long-term growth potential for patient investors.
Another key metric to consider is the company’s impressive gross profit margin, which reached 95.36% in the last twelve months as of Q1 2024. This high margin indicates efficient operations and strong pricing power for Galaxy Gaming's products. Additionally, the company's revenue growth of 13.71% during the same period reflects its ability to increase sales and potentially expand its market share.
For those evaluating the company's stock performance, the price has shown volatility with a 1-year price total return of -45.68%, while the short-term 3-month price total return stands at 9.16%. It's worth noting that InvestingPro has calculated a fair value of $1.76 for Galaxy Gaming's stock, which is higher than the previous close price of $1.43. This suggests that the stock might be undervalued, offering a potential opportunity for investors.
While the company does not pay dividends, which aligns with the InvestingPro Tip highlighting this aspect, the focus on equity-based incentives could be attractive to those looking for capital gains. For more in-depth analysis and additional InvestingPro Tips, investors can explore the potential of Galaxy Gaming's stock by visiting InvestingPro. And for a limited time, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking access to exclusive insights and more than 3 additional InvestingPro Tips that could guide investment decisions.
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