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GAN Limited Announces Closing of IPO and Full Exercise of Underwriters’ Option to Purchase Additiona

14 May, 2020
GAN Limited Announces Closing of IPO and Full Exercise of Underwriters’ Option to Purchase Additional Shares
 
London | May 7, 2020: GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading business-to-business supplier of internet gambling software-as-a-service solutions primarily to the U.S. land-based casino industry, today announced the closing of its previously announced upsized initial public offering of 7,337,000 ordinary shares, which includes the exercise in full of the underwriters’ option to purchase 957,000 ordinary shares, at a price to the public of $8.50 per share. All of the ordinary shares were sold by GAN. The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by GAN, were approximately $62.4 million.  The ordinary shares of GAN began trading on The Nasdaq Capital Market on May 5, 2020, under the symbol “GAN.”
 
In connection with this offering, GAN affected a reorganization and share exchange in which GAN plc became a wholly-owned subsidiary of GAN Limited and the former shareholders of GAN plc received one ordinary share of GAN Limited for every four ordinary shares of GAN plc and an aggregate of £2 million in cash. In addition, the ordinary shares of GAN plc that previously traded on the London Stock Exchange were delisted as of May 6, 2020.                                                                                      
 
The offering was made through an underwriting group led by B. Riley FBR, who acted as sole bookrunner, Macquarie Capital, who acted as lead manager, and Craig-Hallum Capital Group who acted as a co-manager.
 
Sheppard, Mullin, Richter & Hampton LLP and Walkers (Bermuda) Limited acted as legal counsel to GAN. The NBD Group, Inc. acted as legal counsel to the underwriting group.
 
A registration statement on Form F-1 relating to the offering has been filed with the Securities and Exchange Commission and became effective on May 4, 2020. The offering was made only by means of a prospectus. Copies of the final prospectus may be obtained from: B. Riley FBR, Inc., Attention: Prospectus Department, 1300 17th St. North, Ste. 1300, Arlington, VA 22209, or by email at prospectuses@brileyfbr.com, or by telephone at (703) 312-9580.
 
This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful before registration or qualification under the securities laws of any such state or jurisdiction.
 
About GAN Limited
GAN is a leading business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the U.S. land-based casino industry. GAN has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses to land-based casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming.
 
Investor Contacts:
 
GAN
Jack Wielebinski
Head of Investor Relations
(214) 799-4660
jwielebinski@GAN.com
 
The Equity Group
Adam Prior
(212) 371-8660
aprior@equityny.com
 
Carolyne Sohn
(415) 568-2255
csohn@equityny.com
 
 
 

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GAN Announces New Simulated Client: Seneca

GAN announces new simulated gaming client, Seneca Gaming Corporation. 

Dowload the full release in PDF here:

GAN _ Seneca SIM GAM Launch - FINAL CLEAN.pdf

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22 January, 2021
GAN Announces Multiple Client Launches in Michigan

Irvine, California | January 22, 2021: GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading full-service internet gaming software-as-a-service provider to the real money internet gaming and online sports betting industries, announced that today is the commencement date for Michigan’s internet gambling market and GAN’s three related client launches: Churchill Downs, Wynn Resorts, and FanDuel Group. Earlier this week, the Michigan Gaming Control Board approved nine Business-to-Consumer (“B2C”) operators to launch today, in time for the Super Bowl. GAN is powering three of those nine, which are all leveraging GAN’s technical platform for internet sports betting and/or internet casino gaming. According to Regulus Partners and Macquarie Research, the state of Michigan is expected to generate $439 million in Gross Operator Revenue during the balance of 2021, increasing to $724 million in 2022 and $969 million in 2023.
Today GAN simultaneously launched three operator clients online in Michigan, including FanDuel Group’s online casino and two new GAN clients, Churchill Downs and Wynn Resorts, secured in June and September 2020, respectively.

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15 January, 2021
GAN To Participate in Needham Virtual Growth Conference

Irvine, California | January 15, 2021: GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading full-service internet gaming software-as-a-service provider to the real money Internet gaming and online sports betting industries, today announced that senior management will participate in the 23rd Annual Needham Virtual Growth Conference on Friday, January 15, 2021. The team will be conducting one-on-one and group meetings with investors that attend the conference. All support materials, including an investor presentation that will be used at the conference, will be available to investors on the investor relations section of the Company’s website before the conference begins.

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