GAN merger with Sega Sammy subsidiary gains Nevada Gaming Commission approval
The merger remains on track to be completed by late 2024 or early 2025.
Key Points
- The Nevada Gaming Commission has approved GAN’s merger with a Sega Sammy subsidiary
- The merger is expected to close in late 2024 or early 2025, pending additional regulatory approvals
- Upon completion, GAN shareholders will receive $1.97 per share, and the company will cease to be publicly traded
GAN has received approval from the Nevada Gaming Commission (NGC) for its merger with Sega Sammy Creation (SSC), a subsidiary of Sega Sammy Holdings. The merger remains on track to be completed by late 2024 or early 2025.
The approval from the NGC is a significant milestone, but the merger is still subject to other customary closing conditions, including further regulatory approvals from additional gaming authorities.
Once finalized, each ordinary share of GAN will be automatically converted into $1.97 in cash, subject to applicable withholding taxes, with no interest accrued on the payment.
Upon the completion of the merger, GAN will cease its status as a publicly traded company. Its shares will be delisted from the Nasdaq Capital Market, and the company will be deregistered under the Securities Exchange Act of 1934.
This news comes after Brian Chang was appointed as the permanent CFO at GAN earlier this year – a position that saw Chang largely focussing on closing this deal with Sega Sammy.
Commenting on this appointment, GAN Chairman David Goldberg said: “I’d like to congratulate Brian on his appointment to permanently lead our finance team. Brian has proven his financial acumen having served as our interim CFO and he has the full backing of the board of directors.
“Brian’s proven leadership amongst the financial team and strong knowledge of accounting and financial controls leave us confident that he is the right person to guide us to a successful close of our merger with Sega Sammy.”
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