GAN Announces Extension of SEGA SAMMY Merger Agreement
GAN (NASDAQ: GAN) announced an amendment to its merger agreement with SEGA SAMMY CREATION, extending the End Date from February 7, 2025, to May 31, 2025. This extension aims to provide additional time for securing necessary regulatory gaming approvals. The merger terms remain unchanged, with GAN shareholders set to receive $1.97 in cash per ordinary share upon completion.
The transaction is now expected to close in the second quarter of 2025. Upon completion, GAN will be delisted from Nasdaq and cease being a publicly-traded company. CEO Seamus McGill confirmed that while the regulatory process takes time, both parties are making significant progress toward a successful closing.
GAN (NASDAQ: GAN) ha annunciato una modifica all'accordo di fusione con SEGA SAMMY CREATION, prorogando la data di scadenza dal 7 febbraio 2025 al 31 maggio 2025. Questa estensione mira a fornire ulteriore tempo per ottenere le necessarie approvazioni regolatorie per il gioco. I termini della fusione rimangono invariati, con gli azionisti di GAN che riceveranno 1,97 dollari in contante per ogni azione ordinaria al momento del completamento.
Si prevede ora che la transazione si concluda nel secondo trimestre del 2025. Alla conclusione, GAN sarà delistato da Nasdaq e cesserà di essere una società quotata in borsa. Il CEO Seamus McGill ha confermato che, sebbene il processo regolatorio richieda tempo, entrambe le parti stanno facendo progressi significativi verso una chiusura di successo.
GAN (NASDAQ: GAN) anunció una enmienda a su acuerdo de fusión con SEGA SAMMY CREATION, extendiendo la fecha de cierre del 7 de febrero de 2025 al 31 de mayo de 2025. Esta extensión busca proporcionar tiempo adicional para asegurar las necesarias aprobaciones regulatorias de juegos. Los términos de la fusión permanecen sin cambios, con los accionistas de GAN que recibirán 1.97 dólares en efectivo por acción ordinaria al finalizar.
Se espera que la transacción se cierre ahora en el segundo trimestre de 2025. Al completarse, GAN será retirado de Nasdaq y dejará de ser una empresa cotizada. El CEO Seamus McGill confirmó que, aunque el proceso regulatorio toma tiempo, ambas partes están avanzando significativamente hacia un cierre exitoso.
GAN (NASDAQ: GAN)은 SEGA SAMMY CREATION과의 합병 계약을 수정하여 종료 날짜를 2025년 2월 7일에서 2025년 5월 31일로 연장한다고 발표했습니다. 이 연장은 필요한 규제 게임 승인을 확보할 수 있는 추가 시간을 제공하기 위한 것입니다. 합병 조건은 변경되지 않으며, GAN 주주들은 완료 시 보통주 1주당 1.97달러의 현금을 받게 됩니다.
거래는 이제 2025년 2분기에 마감될 것으로 예상됩니다. 완료되면 GAN은 나스닥에서 상장 폐지되고 공개 거래 회사로서의 지위를 잃게 됩니다. CEO인 Seamus McGill은 규제 절차는 시간이 걸리지만 양측 모두 성공적인 마무리를 위해 상당한 진전을 이루고 있다고 확인했습니다.
GAN (NASDAQ: GAN) a annoncé un amendement à son accord de fusion avec SEGA SAMMY CREATION, reportant la date de clôture du 7 février 2025 au 31 mai 2025. Cette extension vise à fournir un temps supplémentaire pour obtenir les approbations réglementaires nécessaires en matière de jeux. Les termes de la fusion restent inchangés, les actionnaires de GAN recevant 1,97 $ en espèces par action ordinaire lors de l'achèvement.
La transaction devrait maintenant être finalisée au cours du deuxième trimestre de 2025. Une fois terminée, GAN sera radié du Nasdaq et cessera d'être une société cotée en bourse. Le PDG Seamus McGill a confirmé que bien que le processus réglementaire prenne du temps, les deux parties progressent de manière significative vers une clôture réussie.
GAN (NASDAQ: GAN) hat eine Änderung seines Fusionsvertrags mit SEGA SAMMY CREATION angekündigt, die das Abschlussdatum vom 7. Februar 2025 auf den 31. Mai 2025 verschiebt. Diese Verlängerung soll zusätzliche Zeit für die Sicherung der erforderlichen regulatorischen Spielgenehmigungen schaffen. Die Fusionsbedingungen bleiben unverändert, wobei die Aktionäre von GAN 1,97 USD in bar pro Stammaktie bei Abschluss erhalten.
Die Transaktion wird nun im zweiten Quartal 2025 abgeschlossen erwartet. Nach dem Abschluss wird GAN von der Nasdaq delisted und wird keine börsennotierte Gesellschaft mehr sein. CEO Seamus McGill bestätigte, dass der regulatorische Prozess zwar Zeit in Anspruch nimmt, beide Parteien jedoch bedeutende Fortschritte in Richtung eines erfolgreichen Abschlusses machen.
- Merger agreement remains intact with confirmed $1.97 per share cash payment
- Regulatory approval process progressing positively according to management
- Merger completion delayed by approximately 4 months
- Extended regulatory review period could indicate increased scrutiny
Insights
The three-month extension of GAN's merger agreement with SEGA SAMMY warrants careful analysis from multiple angles. The maintained
The regulatory review process complexity reflects the intricate nature of gaming industry M&A, especially considering GAN's multi-jurisdictional operations in both B2B technology solutions and B2C sports betting. The extension provides important breathing room for securing approvals across various gaming authorities, which is essential given GAN's presence in multiple regulated markets.
From a strategic perspective, this merger represents a broader industry trend of consolidation between traditional gaming companies and digital platform providers. SEGA SAMMY's acquisition of GAN would provide them with advanced B2B gaming technology infrastructure through the GameSTACK™ platform and expand their presence in the U.S. regulated gaming market. For GAN, the transaction offers financial stability and access to SEGA SAMMY's substantial resources and global gaming expertise.
The extended timeline might create operational challenges for GAN, potentially affecting client relationships and business development initiatives during this period of uncertainty. However, management's statement about 'making great progress' suggests confidence in eventually securing the necessary approvals. The transaction's completion in Q2 2025 would mark a significant milestone in gaming industry consolidation, combining GAN's digital expertise with SEGA SAMMY's traditional gaming prowess.
The amendment extends the “End Date” of the merger agreement from February 7, 2025 to May 31, 2025. The End Date is the date on which a non-breaching party can elect to terminate the Merger Agreement by notice to the other party, if the closing has not yet occurred. The parties have entered into the amendment to give them additional time to complete the process of securing necessary approvals from regulatory gaming authorities. Except for the extension of the End Date, the terms of the merger agreement are unchanged. The closing of the merger remains subject to other customary closing conditions, and is now expected to occur in the second quarter of 2025.
Seamus McGill, Chief Executive Officer of GAN, stated, “The parties continue to respond to regulatory requests. This process takes time, but we are making great progress and working with SEGA SAMMY in anticipation of a successful closing.”
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/20250207344605/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
When is the new expected closing date for GAN's merger with SEGA SAMMY?
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What happens to GAN stock after the SEGA SAMMY merger completes?
Why was the GAN-SEGA SAMMY merger agreement extended?
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