BEDMINSTER, N.J., May 17, 2017 /PRNewswire/ -- GAIN Capital Holdings, Inc. ("the Company") (NYSE: GCAP), a leading global provider of online trading services, today announced that its Board of Directors has authorized an expanded stock repurchase program, under which the company may repurchase up to $35 million of its outstanding common stock, nearly doubling the amount approved as of March 31, 2017.
"Our Board of Directors and management team firmly believe in our long-term growth prospects and feel that our current share price does not accurately reflect the full value of the Company," stated Glenn Stevens, CEO of GAIN Capital. "The additional authorized repurchase capacity demonstrates our confidence in the strength of the business and our commitment to efficient capital allocation and value creation for shareholders."
Under the stock repurchase program, GAIN Capital may buy shares in the open-market in accordance with all applicable securities laws and regulations, including Rule 10b5-1 of the Securities Exchange Act of 1934. The extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by GAIN Capital's management team. The repurchase program may be suspended or discontinued at any time. The Company expects to finance the purchases with existing cash balances.
GAIN Capital Holdings, Inc. provides innovative trading technology and execution services to retail and institutional investors worldwide, with multiple access points to OTC markets and global exchanges across a wide range of asset classes, including foreign exchange, commodities, and global equities. GAIN Capital is headquartered in Bedminster, New Jersey, with a global presence across North America, Europe and the Asia Pacific regions. For further company information, visit www.gaincapital.com.
In addition to historical information, this earnings release contains "forward-looking" statements that reflect management's expectations for the future. A variety of important factors could cause results to differ materially from such statements. These factors are noted throughout GAIN Capital's annual report on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission on March 15, 2017, and include, but are not limited to, the actions of both current and potential new competitors, fluctuations in market trading volumes, financial market volatility, evolving industry regulations, errors or malfunctions in GAIN Capital's systems or technology, rapid changes in technology, effects of inflation, customer trading patterns, the success of our products and service offerings, our ability to continue to innovate and meet the demands of our customers for new or enhanced products, our ability to successfully integrate assets and companies we have acquired, our ability to effectively compete, changes in tax policy or accounting rules, fluctuations in foreign exchange rates and commodity prices, adverse changes or volatility in interest rates, as well as general economic, business, credit and financial market conditions, internationally or nationally, and our ability to continue paying a quarterly dividend in light of future financial performance and financing needs. The forward-looking statements included herein represent GAIN Capital's views as of the date of this release. GAIN Capital undertakes no obligation to revise or update publicly any forward-looking statement for any reason unless required by law.
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SOURCE GAIN Capital Holdings, Inc.
Investor Relations Contact, Lauren Tarola, Edelman for GAIN Capital, +1 908.731.0737, firstname.lastname@example.org; Media Contact, Chris Mittendorf, Edelman for GAIN Capital, +1 212.704.8134, email@example.com