GAN Announces Approval of Merger by the Nevada Gaming Commission
GAN (NASDAQ: GAN) has received approval from the Nevada Gaming Commission (NGC) for its merger with a subsidiary of SEGA SAMMY CREATION INC. (SSC), an affiliate of SEGA SAMMY HOLDINGS INC. The merger is expected to close in late 2024 or early 2025, subject to additional gaming regulatory approvals and customary closing conditions.
Upon completion, GAN shareholders will receive $1.97 in cash per ordinary share. GAN will cease to be publicly traded, with its shares delisted from Nasdaq and deregistered. GAN is a leading B2B supplier of internet gaming software-as-a-service solutions, while SEGA SAMMY HOLDINGS operates in Entertainment Contents, Pachislot and Pachinko Machines, and Gaming businesses.
GAN (NASDAQ: GAN) ha ricevuto l'approvazione dalla Nevada Gaming Commission (NGC) per la sua fusione con una controllata di SEGA SAMMY CREATION INC. (SSC), un'affiliata di SEGA SAMMY HOLDINGS INC. Si prevede che la fusione si concluda alla fine del 2024 o all'inizio del 2025, soggetta ad approvazioni regolatorie di gioco aggiuntive e alle consuete condizioni di chiusura.
Al termine dell'operazione, gli azionisti di GAN riceveranno 1,97 dollari in contante per ogni azione ordinaria. GAN cesserà di essere quotata in borsa, con le sue azioni che saranno dismesse da Nasdaq e cancellate. GAN è un fornitore leader di soluzioni software-as-a-service per il gioco online, mentre SEGA SAMMY HOLDINGS opera nel settore dei contenuti di intrattenimento, macchine Pachislot e Pachinko, e nelle attività di gioco.
GAN (NASDAQ: GAN) ha recibido la aprobación de la Nevada Gaming Commission (NGC) para su fusión con una subsidiaria de SEGA SAMMY CREATION INC. (SSC), una afiliada de SEGA SAMMY HOLDINGS INC. Se espera que la fusión se concluya a finales de 2024 o principios de 2025, sujeta a aprobaciones reglamentarias adicionales y condiciones habituales de cierre.
Una vez completada, los accionistas de GAN recibirán $1.97 en efectivo por cada acción ordinaria. GAN dejará de cotizar en bolsa, con sus acciones siendo eliminadas de Nasdaq y desregistradas. GAN es un proveedor líder de soluciones de software como servicio para juegos en línea, mientras que SEGA SAMMY HOLDINGS opera en contenidos de entretenimiento, máquinas Pachislot y Pachinko, y negocios de juegos.
GAN (NASDAQ: GAN)은 네바다 게임 위원회(NGC)로부터 SEGA SAMMY CREATION INC. (SSC)의 자회사와의 합병 승인을 받았습니다. 이번 합병은 2024년 말 또는 2025년 초에 완료될 것으로 예상되며, 추가 게임 규제 승인을 받고 일반적인 마감 조건을 충족해야 합니다.
합병이 완료되면 GAN 주주들은 보통주당 1.97달러의 현금을 받게 됩니다. GAN은 상장 폐지되며, 주식은 나스닥에서 상장 폐지되고 등록이 해지됩니다. GAN은 온라인 게임 소프트웨어 as a service 솔루션의 선도적인 B2B 공급업체로, SEGA SAMMY HOLDINGS는 엔터테인먼트 콘텐츠, 파치슬롯 및 파친코 기계, 게임 비즈니스에서 활동하고 있습니다.
GAN (NASDAQ: GAN) a reçu l'approbation de la Nevada Gaming Commission (NGC) pour sa fusion avec une filiale de SEGA SAMMY CREATION INC. (SSC), une filiale de SEGA SAMMY HOLDINGS INC. La fusion devrait se conclure fin 2024 ou début 2025, sous réserve d'approbations réglementaires supplémentaires et de conditions de clôture habituelles.
Une fois la fusion réalisée, les actionnaires de GAN recevront 1,97 $ en espèces par action ordinaire. GAN cessera d'être coté en bourse, ses actions étant radiées du Nasdaq et désenregistrées. GAN est un fournisseur B2B de premier plan de solutions logicielles de jeu en ligne en mode service, tandis que SEGA SAMMY HOLDINGS opère dans le domaine des contenus de divertissement, des machines Pachislot et Pachinko, et des activités de jeu.
GAN (NASDAQ: GAN) hat die Genehmigung der Nevada Gaming Commission (NGC) für die Fusion mit einer Tochtergesellschaft von SEGA SAMMY CREATION INC. (SSC), einer Tochtergesellschaft von SEGA SAMMY HOLDINGS INC., erhalten. Die Fusion soll Ende 2024 oder Anfang 2025 abgeschlossen werden, vorbehaltlich zusätzlicher Genehmigungen der Glücksspielbehörden und der üblichen Abschlussbedingungen.
Nach Abschluss werden die Aktionäre von GAN 1,97 USD in bar pro Stammaktie erhalten. GAN wird nicht mehr an der Börse gehandelt, da die Aktien von Nasdaq abgezogen und die Registrierung aufgehoben wird. GAN ist ein führender B2B-Anbieter von internetbasierten Software-as-a-Service-Lösungen für Spiele, während SEGA SAMMY HOLDINGS im Bereich Unterhaltung, Pachislot- und Pachinko-Maschinen sowie Gaming tätig ist.
- Merger approval received from Nevada Gaming Commission
- Shareholders to receive $1.97 per share in cash
- Potential for expanded market reach and resources through SEGA SAMMY affiliation
- GAN will cease to be a publicly-traded company
- Shares will be delisted from Nasdaq
- Merger completion still subject to additional regulatory approvals
Insights
The Nevada Gaming Commission's approval of the GAN-SEGA SAMMY merger is a significant regulatory milestone. This approval from a key gaming authority increases the likelihood of the deal's completion, though additional regulatory approvals are still pending. The proposed
The merger's impact on GAN's public status is noteworthy. Upon completion, GAN will delist from Nasdaq and go private, which could affect liquidity for current shareholders but may allow for more flexible operations under SEGA SAMMY's ownership. The expected closing timeline of late 2024 or early 2025 suggests a prolonged regulatory review process, which is not uncommon in the gaming industry due to stringent oversight.
This merger aligns with industry trends of consolidation and Japanese companies expanding into global gaming markets. For GAN, joining SEGA SAMMY's portfolio could provide access to additional resources and markets, potentially enhancing its competitive position in the B2B gaming technology sector.
The merger valuation at
For investors, the cash deal provides a clear exit opportunity at a fixed price, eliminating market uncertainty but also capping potential upside. The extended timeline to closing (late 2024/early 2025) introduces some execution risk and opportunity cost for shareholders.
Financially, the merger could strengthen GAN's position by providing backing from SEGA SAMMY's larger balance sheet. This could accelerate GAN's growth initiatives in the competitive U.S. iGaming market. However, investors should note that upon closing, GAN will cease to be a publicly traded entity, impacting liquidity and future investment potential in this specific iGaming play.
Merger with SEGA SAMMY remains on track to close in late 2024 or early 2025
GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading North American B2B technology provider of real money internet gaming solutions and a leading international B2C operator of Internet sports betting, today announced that it has received approval from the Nevada Gaming Commission (NGC) for the merger of GAN and a subsidiary of SEGA SAMMY CREATION INC. (“SSC”), an affiliate of SEGA SAMMY HOLDINGS INC. (“SEGA SAMMY HOLDINGS”).
The closing of the merger remains subject to other customary closing conditions including additional gaming regulatory approvals, and is expected to occur in late 2024 or early 2025.
If the merger is completed, each GAN ordinary share issued immediately prior to the effective time of the merger will be automatically cancelled and converted into the right to receive
About GAN
GAN is a leading business-to-business supplier of internet gaming software-as-a-service solutions predominantly to the
About SEGA SAMMY HOLDINGS
SEGA SAMMY HOLDINGS is the holding company of the SEGA SAMMY Group, a group of companies comprising the Entertainment Contents Business, which offers a diversity of fun through consumer and arcade game content, toys, and animation; the Pachislot and Pachinko Machines Business, which conducts everything from development to sales of Pachinko/Pachislot machines; and the Gaming Business, which operates integrated resorts and develops casino gaming products and software.
SSC is a wholly-owned subsidiary of SEGA SAMMY HOLDINGS. SSC, together with its wholly-owned subsidiary SEGA SAMMY CREATION
Forward-Looking Statements
This press release contains “forward looking statements” regarding the closing of the merger and the expected timing thereof and other future related events. Such statements are based upon current estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Factors that could cause actual events to differ include, but are not limited to the failure to satisfy the closing conditions to the merger, including obtaining the approval of the merger and change in control of GAN by certain gaming authorities and other risks detailed in GAN’s filings with the SEC, including its proxy statement filed with the SEC on January 9, 2024. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. GAN undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241009456443/en/
Investor Contacts:
GAN
Robert Shore
Vice President, IR and Capital Markets
(610) 812-3519
rshore@GAN.com
Alpha IR Group
Ryan Coleman
(312) 445-2870
GAN@alpha-ir.com
Source: GAN Limited
FAQ
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