GameSquare Esports Inc annouced that its management and directors have acquired additional shares of the company in the open market, including a significant purchase from its CEO and president.
Directors and management bought a total of 632,100 shares between November 3 and December 1 at prices ranging between $0.315 to $0.41 per share, according to the company.
CEO Justin Kenna and president Kevin Wright acquired 132,100 shares.
READ: GameSquare Esports reports another strong quarter with nearly C$2.5M in revenue during 3Q
In a statement, Toronto-based GameSquare said that the moves reflect the confidence that the team has in the intrinsic value of the stock, near-term and long-term growth prospects, and the people that work at its companies Code Red, Complexity Gaming, Cut+Sew, and GCN.
"The opportunities within esports, gaming, sports and entertainment are as strong as ever, and I believe GameSquare is extremely well positioned to benefit from industry trends of large audiences with great engagement," Kenna told shareholders.
"We are seeing increased sales activity within the GameSquare companies and a growing pipeline that includes global brands that are entering gaming and esports. Our portfolio of companies is showing leadership within esports, and we are making tremendous progress as we execute on our growth strategy across our teams, our streaming org, our newly announced athlete and celebrity division, and our digital agencies that are working with global brands."
The firm recently reported its 3Q financial figures that showed revenue increase by 123% on a quarter-over-quarter basis to C$2,464,906 thanks to a strong showing from its Code Red esports division and the first contribution from its acquisition of Complexity Gaming.
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