Shares of Elys Game Technology Corp. dropped Wednesday after the gaming and sports betting technology company’s chairman said the stock of the company remains underpriced.
At 11:50 ET, shares were down 25% at 28 cents a share. For the year, shares are down about 90%.
In a letter to shareholders, the company’s Executive Chairman Michele Ciavarella said the board strongly disagrees with Elys Game’s current market capitalization, which he says is related to macro economic conditions.
“Consequently, the current value of our capital stock lacks credit for the value of our cutting-edge betting technology and engineering talent, our growing and profitable Italian operations, or our future growth potential, particularly in the U.S market, and in other global markets,” Mr. Ciavarella said.
The company’s strength lies in the lack of having high levels of debt while cutting on expenses, Mr. Ciavarella added.
Elys Game Technology has a current market capitalization of $11.2 million.