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LAS VEGAS - GAN Limited (NASDAQ: GAN), a notable provider of B2B internet gaming technology and International B2C operator with impressive gross profit margins of 68.7%, has finalized its merger with an affiliate of SEGA SAMMY HOLDINGS INC., SEGA SAMMY CREATION INC. (SSC). This acquisition was completed at $1.97 per share in cash, a 121% premium over GAN’s closing stock price on November 7, 2023, the day before the merger agreement was announced. According to InvestingPro data, this price represents the stock’s 52-week high, with GAN’s market capitalization reaching $91.5 million. As a result of the merger, GAN’s ordinary shares will no longer be traded on the NASDAQ Global Stock Market after the market’s close today. The company exits the market after achieving a strong 48.1% return over the past year, as reported by InvestingPro, which offers detailed analysis of similar market opportunities through its comprehensive financial metrics and ProTips.
Seamus McGill, CEO of GAN, expressed that the acquisition by SSC marks a significant milestone for the company and serves as a testament to years of dedication to providing exceptional gaming experiences. He emphasized that the transaction was thoroughly evaluated to ensure maximum shareholder value and expressed confidence in the merger’s alignment with shareholder interests. The company’s financial position shows strength with a healthy current ratio of 1.57 and steady revenue growth of 7% over the last twelve months. McGill anticipates further growth for GAN under the guidance of SEGA SAMMY, a global leader in gaming and entertainment.
Koichi Fukazawa, SEGA SAMMY’s Senior Executive Vice President and Group CFO, conveyed enthusiasm about integrating GAN’s team, citing their extensive U.S. market experience and technical expertise. He indicated that this acquisition signifies a new phase for SEGA SAMMY’s operations and a commitment to enhanced customer service through expanded product offerings.
B. Riley Securities, Inc. served as the financial advisor for GAN’s Special Committee and Board of Directors, while Sheppard Mullin Richter & Hampton LLP provided legal counsel. SMBC Nikko Securities and Greenberg Traurig acted as financial and legal advisors, respectively, for SEGA SAMMY.
GAN is recognized for supplying internet gaming software-as-a-service solutions, primarily to the U.S. casino industry, and for its proprietary online sports betting technology through its division, Coolbet. SEGA SAMMY, a conglomerate with diverse entertainment and gaming interests, including integrated resorts and casino gaming products, is expanding its reach through this merger.
The completion of this merger is based on a press release statement and reflects the culmination of negotiations and planning detailed in GAN’s filings with the SEC.
In other recent news, GAN Ltd has announced its financial results for the fourth quarter and the full year ending December 31, 2024. While the company did not disclose detailed financial figures in the announcement, the earnings release, attached to their 8-K form, provides a comprehensive analysis of their performance. Additionally, GAN Ltd has set its 2025 Annual Meeting of Shareholders for June 26, 2025, following a skipped meeting in 2024 due to an anticipated merger with SEGA SAMMY CREATION INC. The merger is expected to be finalized in the second quarter of 2025, although the company warns of potential delays due to risks and uncertainties. GAN Ltd has emphasized compliance with Nasdaq’s listing standards by scheduling the meeting before June 30, 2025, if the merger faces further delays. Shareholders on record as of April 29, 2025, will be eligible to vote at the meeting. The company has also set a deadline of April 25, 2025, for shareholder proposals to be included in the proxy materials for the upcoming meeting. These recent developments are crucial for investors monitoring GAN Ltd’s strategic and financial trajectory.
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