LAS VEGAS - Galaxy Gaming, Inc. (OTCQB: GLXZ), a developer and distributor of casino games and technology, announced Monday that Board of Directors member Gavin Isaacs will resign effective August 30, 2024. Isaacs has served on the board since June 2019 and has been cited as a significant contributor to the company's growth and strategic direction.
Chairman of the Board, Mark Lipparelli, acknowledged Isaacs' contributions, stating that his insights and expertise have been invaluable, and his presence will be missed. The company expressed gratitude for Isaacs' role in positioning Galaxy Gaming for new opportunities and wished him well in his future endeavors, including his work with Entain.
Galaxy Gaming will not immediately fill the vacancy left by Isaacs but plans to consider potential candidates in the coming months. The company emphasizes its continued commitment to growth and innovation in both land-based and iGaming sectors.
Galaxy Gaming, headquartered in Las Vegas, Nevada, is known for developing and distributing games and technology solutions to casinos across the globe. The company boasts 131 licenses worldwide, including in 28 U.S. states, and is recognized as a leading licensor of proprietary table games for the online gaming industry.
In other recent news, Galaxy Gaming, Inc. has announced the extension of its 2014 Equity Incentive Plan for an additional decade, beginning on January 1, 2024. The plan, which allows eligible employees, directors, and consultants to acquire a proprietary interest in the company, has been a key strategy for attracting and retaining 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), with a detailed Amended and Restated Plan attached as Exhibit 10.1.
InvestingPro Insights
In light of the recent announcement regarding Gavin Isaacs' departure from Galaxy Gaming's Board of Directors, investors may be keen to understand the company's financial health and stock performance. According to InvestingPro data, Galaxy Gaming has a market capitalization of $68.67 million and has experienced a significant revenue growth of 13.71% in the last twelve months as of Q1 2024. The company's gross profit margin stands impressively at 95.36%, reflecting its ability to maintain profitability in its operations.
Galaxy Gaming's stock has demonstrated a strong return over the last three months, with a total return of 104.86%. This performance aligns with the InvestingPro Tip that the stock generally trades with high price volatility, which could be of interest to investors looking for dynamic trading opportunities. Another InvestingPro Tip to consider is that the company's liquid assets exceed its short-term obligations, indicating a solid financial position for meeting its immediate liabilities.
For those interested in a deeper analysis of Galaxy Gaming's stock performance and financial metrics, InvestingPro provides additional tips, including insights on profitability and dividend policies. Currently, there are 8 more InvestingPro Tips available for Galaxy Gaming, which can be accessed at https://www.investing.com/pro/GLXZ. These tips could offer valuable guidance for investors considering the impact of leadership changes on the company's future prospects.
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