GAN Limited shareholders say ‘yes' to Sega Sammy merger proposal

February 14, 2024
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Once the deal is closed, GAN will no longer be a publicly traded company.

GAN Limited shareholders recently approved the previously announced merger involving GAN and Sega Sammy Holdings affiliate, Sega Sammy Creation.

More than 95% of current GAN shareholders voted in favor of the agreement and merger during a recent meeting.

In addition to giving the green light for the Sega affiliate merger, company shareholders 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.

The company said in a statement, “The final voting results will be reported on a Form 8-K filed with the SEC by GAN with respect to the special shareholder meeting.”

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.”

The company explained the changes that would take place once the deal is closed 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.”

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