Tapinator, Inc. (OTCQB: TAPM), a developer and publisher of mobile games and applications on the iOS, Google Play and Amazon platforms, today announced the repurchase of 1,354 shares of the Company's Series B Convertible Preferred Stock for a per share purchase price of $270.83, or an aggregate purchase price of $366,708.32. The repurchased shares represent all of the outstanding shares of the Series B Convertible Preferred Stock and, following the transaction, the Company will have no Preferred Stock outstanding in any class. Pursuant to the terms of the Series B Convertible Preferred Stock, the repurchased shares were convertible into 11,283,333 shares of the Company's common stock. The repurchase purchase price represents a per share common stock purchase price of $0.0325, if conversion had occurred.
Andrew Merkatz, President of Tapinator, commented, "Earlier this year we eliminated the Company's debt in its entirety and we are pleased to follow up that transaction by now eliminating all of our Preferred Stock, resulting in a completely clean capital structure and the elimination of significant potential common stock dilution. This transaction was opportunistic in that we were able to purchase this stock at a value below market and at a level that we believe to be well below fair value for the Company when comparing the Company's enterprise value (EV), historical revenues and adjusted EBITDA (a non-GAAP measure) to those of comparable publicly traded mobile gaming companies."
Ilya Nikolayev, CEO of Tapinator, also commented, "This transaction is a testament to the strong conviction we currently maintain for our core mobile gaming and applications business. By repurchasing a significant quantity of our own shares, we hope to send a strong signal to the market that the recent price decline is contrary to our belief in the fundamental health and outlook for Tapinator."
About Tapinator
Tapinator (OTCQB: TAPM) develops and publishes mobile games and applications on the iOS, Google Play and Amazon platforms. Tapinator's portfolio includes over 300 mobile gaming titles that, collectively, have achieved over 450 million player downloads, including games such as ROCKY™, Video Poker Classic, Solitaire Dash and Dice Mage. Tapinator generates revenues through the sale of branded advertisements and via consumer transactions, including in-app purchases and subscriptions. Founded in 2013, Tapinator is headquartered in New York, with product development teams located in North America, Europe and Asia. Consumers can find high-quality mobile entertainment wherever they see the 'T' character logo, or at http://tapinator.com.
