The Irish-led gaming software company GAN has made a major move towards listing on the NASDAQ stock exchange.
The company, led by CEO Dermot S Smurfit since its 2002 foundation, said on Tuesday it had applied for a change of its stock listing from London to New York with UK authorities. As part of those agreements, GAN said it plans to merge existing shares in a new holding company based in Bermuda on a 4-for-1 basis.
GAN said the shareholders would also earn 2.32 pence (2,67 euro cents) per share traded in the UK as the company moves from the London AIM stock exchange. It said its latest NASDAQ-listed stock would be denominated in US dollars, and all future financial statements.
GAN’s shares soared to 164 pence with more than 14pc on the news, giving the company a £140m market value. Gan said its shares will continue trading on AIM pending completion of the programme.
It had filed an application for NASDAQ with the US Securities and Exchange Commission on January 31 but did not reveal specifics of its proposed share swap and acquisition or other information at the time.