CFIUS issues clearance for upcoming GAN and Sammy Sega Creation merger
The company expects to complete the transaction by early next year.
GAN Limited has gained clearance for its proposed merger of GAN and a subsidiary of Sega Sammy Creation from the Committee on Foreign Investment in the United States (CFIUS).
Company shareholders approved the company’s merger with Sega Sammy Holdings affiliate earlier this year.
Shareholders also said yes to “compensation that may be paid or become payable to GAN’s named executive officers in connection with the merger” on a non-binding advisory basis.
GAN said it expects to close the merger toward the end of this year or by early 2025. However, the transaction is subject to meeting certain closing conditions that include “the approval of the merger and change in control of GAN by certain gaming authorities.”
GAN went on to explain the changes that would take place once the transaction is completed by saying, “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 $1.97 in cash with respect to each such ordinary share, without interest and less applicable withholding taxes.
“Upon the completion of the merger, GAN will cease to be a publicly traded company and its ordinary shares will be delisted from The Nasdaq Capital Market and deregistered under the Securities Exchange Act of 1934, as amended.”
GAN supplies internet gaming software-as-a-service solutions to the US land-based casino industry. The company has developed GameStack, a proprietary internet gaming enterprise software system, which GAN licenses to land-based casino operators.
Its Coolbet division is an online sports wagering technology operator throughout select Latin American and European markets.
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