GAN is selling 4,816,500 shares while the other 383,500 shares are proposed to be sold by selling shareholders.
Riley Securities is serving as the book-running manager for the offering.
The offering comes one month after GAN announced an agreement to acquire Coolbet, a B2C international sportsbook engine, for approximately $177m in cash and shares.
Coolbet presently operates in the Nordics, Canada and Latin America.
“From the onset of our IPO we have continued to enhance and perfect our internet gaming software-as-a-service solutions for the U.S. market,” GAN CEO Durmot Smurfit said at the announcement of the acquisition. “As a part of that growth strategy, we have been clear that we needed to add a best-in-class sportsbook engine to round out our real money iGaming platform, and we believe Coolbet is the perfect fit for both GAN and our customers.”
GAN’s online platform currently offers select customers access to IGT or Kambi sportsbooks.
Smurfit indicated that Coolbet’s sportsbook engine could be offered to customers in emerging US markets.
“The timing of the acquisition ideally positions GAN to leverage its growing customer base, as well as the momentum that sports legislation has seen with the election results in Maryland, Louisiana, South Dakota, and Tennessee,” Smurfit said last month.