GAN Announces Departure of Chief Financial Officer

Rhea-AI Summary

GAN Limited (NASDAQ: GAN) has announced the resignation of Chief Financial Officer Karen E. Flores, effective November 25, 2022. Brian Chang, the Senior Vice President and Corporate Controller, will serve as the interim CFO while the search for a permanent replacement is underway. CEO Dermot Smurfit acknowledged Flores' contributions to the company's growth, especially during its transition to a U.S. public entity and the acquisition of Coolbet. GAN continues to provide innovative gaming solutions in the B2B and B2C sectors.

Positive

• Appointment of Brian Chang as interim CFO ensures continuity in financial leadership.
• CEO's acknowledgment of Karen E. Flores' significant contributions may maintain investor confidence.

Negative

• Resignation of CFO raises potential concerns about financial management stability during the transition.
• Ongoing search for a new CFO may create uncertainty for investors regarding strategic financial direction.

Search Process for Next Chief Financial Officer Underway

IRVINE, Calif.--(BUSINESS WIRE)-- GAN Limited (NASDAQ: GAN) (the “Company” or “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 accepted the resignation of Karen E. Flores from her position as Chief Financial Officer, as well as from the Company’s board of directors, effective November 25, 2022.

The Company has appointed Mr. Brian Chang, Senior Vice President, Corporate Controller, to assume the duties of Chief Financial Officer in the interim. The Company’s search process for its next Chief Financial Officer is underway and hopes to provide an update on that process in the near future.

“Karen’s leadership and financial acumen have been critical parts of GAN’s evolution to a U.S. listed public company as well as our, at times, complex acquisition of Coolbet in early 2021,” said Dermot Smurfit CEO. “I am deeply appreciative of Karen’s dedication to GAN and wish her all the best for the future.”

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 and is a market-leading business-to-consumer operator of proprietary online sports betting technology internationally with market leadership positions in selected European and Latin American markets. In its B2B segment, GAN has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses to land-based U.S. casino operators as a turnkey technology solution for regulated real money internet gambling, encompassing internet gaming, internet sports betting and social casino gaming branded as ‘Simulated Gaming.’

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the Company’s revenue guidance, the Company’s anticipated trends in revenues (including new customer launches) and operating expenses, the anticipated launch of regulated gaming in new U.S. states, the expected integration of Coolbet’s sports betting technology and international B2C operations, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements including those risks detailed under “Risk Factors” in our Annual Report on Form 10-K and subsequent periodic reports. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221123005457/en/

Investor Contacts:

GAN

Robert Shore

Vice President, Investor Relations & Capital Markets

(610) 812-3519

Alpha IR Group

Ryan Coleman or Davis Snyder

(312) 445-2870

GAN@alpha-ir.com

Source: GAN Limited

FAQ

What changes are happening in GAN Limited's leadership?

GAN Limited has accepted the resignation of CFO Karen E. Flores, with Brian Chang appointed as interim CFO.

When did Karen E. Flores resign from GAN Limited?

Karen E. Flores resigned on November 25, 2022.

Who is the interim CFO of GAN Limited?

Brian Chang is serving as the interim Chief Financial Officer of GAN Limited.

What was said about Karen E. Flores' contributions to GAN?

CEO Dermot Smurfit praised her leadership as critical to GAN's evolution as a U.S. public company and during the Coolbet acquisition.

What is the impact of the CFO change on GAN Limited?

The resignation of the CFO could raise concerns about financial stability and management during the search for a new leader.