GAN Ltd sets June 26 for 2025 shareholder meeting

GAN Ltd, a Bermuda-incorporated company specializing in computer programming and data processing services with a market capitalization of $78.77 million, has announced the scheduling of its 2025 Annual Meeting of Shareholders for June 26, 2025. According to InvestingPro data, the company maintains impressive gross profit margins of 70% and operates with moderate debt levels, though it's currently not profitable over the last twelve months. The company, which did not conduct an annual meeting in 2024 due to a pending merger with SEGA SAMMY CREATION INC., expects the merger to finalize in the second quarter of 2025. InvestingPro analysis shows GAN maintains a healthy current ratio of 1.69, indicating strong ability to meet short-term obligations during this transition period. The announcement was made today as per a recent filing with the Securities and Exchange Commission (SEC).

The location and specific time of the meeting will be disclosed in GAN's proxy statement for the 2025 Annual Meeting. Shareholders on record as of April 29, 2025, will be eligible to receive notice and vote at the meeting or any subsequent adjournments or postponements.

GAN Ltd's decision to skip the 2024 meeting was based on the assumption that its merger with SEGA SAMMY CREATION INC. would close earlier. However, to remain compliant with Nasdaq's listing standards, the company must hold an annual meeting by June 30, 2025, if the merger faces further delays.

The company has also established a deadline for shareholder proposals to be considered for inclusion in the proxy materials for the upcoming meeting. Proposals must be received by 5:00 p.m. on April 25, 2025, at GAN's principal executive office in Las Vegas, Nevada. Submissions must adhere to the SEC's rules and the company's Bye-laws to be eligible for inclusion.

Regarding the merger, GAN has issued forward-looking statements cautioning that actual results could differ materially due to risks and uncertainties. These include the potential failure to meet the merger's closing conditions and obtaining necessary approvals from gaming authorities. The company has emphasized that it does not undertake any obligation to publicly update any forward-looking statements, except as required by law. For deeper insights into GAN's financial health and risk metrics, InvestingPro subscribers can access comprehensive analysis tools and additional ProTips that help evaluate merger-related risks.

The information in this article is based on the 8-K filing made by GAN Ltd with the SEC.

In other recent news, GAN Limited has disclosed its unaudited financial results for the fourth quarter and the full year ended December 31, 2024. The detailed financial figures were not made public in the announcement, but investors can refer to the earnings release for comprehensive information on the company's financial health and operational performance. In addition, GAN has amended its merger agreement with SEGA SAMMY CREATION INC., extending the merger deadline to May 31, 2025, to allow for additional time to secure necessary regulatory approvals. Upon completion of the merger, GAN shares will be converted into a cash entitlement, and the company will become a private entity, delisting from The Nasdaq Capital Market.

Furthermore, GAN Limited received a notice from The Nasdaq Stock Market regarding non-compliance with listing rules due to the failure to hold an annual meeting of shareholders within the required timeframe. The company plans to submit a compliance plan within 45 days to address this issue, which could lead to an extension until June 30, 2025, if accepted. Despite this notice, trading of GAN's common stock will continue without immediate disruption. These developments are significant for investors closely monitoring GAN's strategic moves and regulatory compliance.

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