GAN Shareholders Approve Merger with SEGA SAMMY CREATION Subsidiary

Overwhelming Shareholder Support

The approval saw more than 95% of votes cast in favor of the merger agreement, indicating strong shareholder confidence in the strategic alignment with SSC. This vote represented approximately 51% of GAN’s issued ordinary shares as of January 2, 2024, underscoring substantial shareholder engagement in this pivotal decision.

In addition to the merger agreement, GAN shareholders also cast advisory votes approving potential compensation for GAN’s named executive officers in relation to the merger. This non-binding vote reflects shareholder support for the merger’s terms and executive compensation arrangements.

Anticipated Merger Completion and Conditions

The merger’s completion is anticipated for late 2024 or early 2025, contingent upon fulfilling certain conditions, including necessary approvals from gaming authorities for the merger and change in control of GAN.

Upon finalization, each GAN ordinary share will be converted into a right to receive $1.97 in cash, subject to applicable taxes, marking the end of GAN’s public trading status and the delisting of its shares from The Nasdaq Capital Market.

Our Comment on the Article

The approval of the merger between GAN and SSC’s subsidiary marks a transformative moment for GAN, signifying a strategic pivot that could redefine its role in the global iGaming landscape. This merger not only represents a significant financial transaction but also indicates a possible shift in market dynamics, with potential implications for innovation, competition, and regulatory engagement within the iGaming and sports betting sectors.

As GAN transitions to a privately-held entity under the SEGA SAMMY umbrella, the industry will keenly observe how this merger influences GAN’s operational capabilities, market offerings, and overall strategic direction in the evolving iGaming ecosystem.