- Online game developer Snail ( NASDAQ: SNAL ) on Thursday announced a buyback of up to $5M of its class A common shares.
- The share repurchase program comes after the company made its trading debut on the Nasdaq today, in which the stock tumbled 55% following its downsized $15M initial public offering (IPO).
- "The repurchase program will go into effect when Snail begins the share repurchase, and the program does not have a fixed expiration date," SNAL said in a statement .
- Shares of the company jumped 32.4% to $2.98 after hours, still well below its IPO price of $5 per share.
- Based in Culver City, Calif., Snail ( SNAL ) is a developer of digital entertainment content, particularly online multiplayer games. Its top revenue generator is "ARK: Survival Evolved."
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Snail announces $5M share buyback program after stock tumbles 55% in market debut