Gambling software provider GAN has officially gone public this week on Nasdaq, with shares trading up 44 percent shortly after launch. The step follows a successful IPO funding that raised $54 m for the company through 6.4 million shares at $8.50, the $6.50 to $8.50 high end of the range.
The business reported in an investor release: “GAN Limited, a leading business-to-business supplier of internet gambling software-as-a-service solutions primarily to the US land-based casino industry, today announced the pricing of its up-sized initial public offering of 6,380,000 ordinary shares at a price to the public of $8.50 per share.
“All of the ordinary shares are being offered by GAN. In addition, GAN has granted the underwriters a 30-day option to purchase up to 957,000 additional ordinary shares at the initial public offering price, less the underwriting discounts and commissions.”
The ordinary GAN shares had been trading on AIM, a market run by London Stock Exchange plc, prior to the sale. GAN has influenced a reorganisation and share exchange in relation to the deal under which it has become a wholly-owned subsidiary of GAN Limited.
As such, GAN plc’s ordinary shares will no longer sell on AIM, and GAN plc’s former shareholders will receive one ordinary share of GAN Limited for every four ordinary GAN plc shares and an sum of $2.47 m in cash.