Gan Ltd Stock Price, News & Analysis

GAN Limited (NASDAQ: GAN) announced the closing of its upsized public offering of 7,174,456 ordinary shares at $15.50 per share. The offering includes 6,790,956 shares sold by GAN and 383,500 shares from selling shareholders. B. Riley Securities acted as the sole book-running manager. This offering follows the effective registration statement filed with the SEC on December 16, 2020. GAN, a supplier of internet gaming software solutions for U.S. land-based casinos, aims to enhance its growth potential through this capital raise.

GAN Limited (NASDAQ: GAN) announced an upsized public offering of 6,238,658 shares at $15.50 per share, aiming for gross proceeds of $90.8 million, potentially $105.3 million if overallotments occur. With 5,855,158 shares sold by GAN and 383,500 by other shareholders, the offering closes on December 21, 2020. Proceeds will primarily fund the purchase of Vincent Group p.l.c. (Coolbet) and cover general corporate expenses. B. Riley Securities acted as the book-running manager.

GAN Limited (NASDAQ: GAN) announced a follow-on public offering of 5,200,000 ordinary shares, with 4,816,500 shares sold by GAN and 383,500 by selling shareholders. The company plans to grant the underwriter a 30-day option for an additional 780,000 shares. Proceeds will fund the cash portion for the acquisition of Vincent Group p.l.c. (Coolbet) and may also support working capital, sales, marketing, and product development. B. Riley Securities is the sole book-running manager for the offering. The registration statement has been filed with the SEC but is not yet effective.

GAN Limited (NASDAQ: GAN) reported a strong Q3 2020 with revenue of $10.3 million, an 86% increase from $5.5 million in Q3 2019. Real money Internet gaming revenue reached $7.7 million, up from $4.1 million. However, the net loss attributable to equity holders widened to $4.1 million, or $0.14 per share, compared to a loss of $1.8 million in the prior year. The company announced the pending acquisition of Coolbet for €149.1 million, aiming to enhance its online sports betting and iGaming capabilities. GAN expects revenue for the full year to be between $37 and $39 million.

GAN Limited (NASDAQ: GAN) has signed a definitive purchase agreement to acquire Vincent Group p.l.c. (Coolbet) for approximately €149 million. The acquisition is expected to close in Q1 2021, subject to regulatory approvals. Coolbet, an award-winning iGaming operator, reported €26 million in revenue with a 46% CAGR from 2018 to 2020. The transaction aims to enhance GAN's sportsbook offerings and leverage Coolbet’s technology in the U.S. market. GAN will gain over 175 employees and 84,000 active customers, aiming for significant revenue synergies and immediate accretion.

GAN Limited (NASDAQ: GAN) announced a partnership with High 5 Games to enhance its U.S. Real Money Gaming (RMG) platform. This collaboration integrates over 150 popular High 5 titles, increasing GAN's game library to over 800. The partnership aims to expand market share and improve gaming experiences for online casino customers in New Jersey, Pennsylvania, and Michigan. GAN's Chief Commercial Officer emphasized the strategic growth of RMG content, while High 5's CEO noted the opportunity to reach more players across the U.S. as regulated gaming expands.

GAN Limited (NASDAQ: GAN) has launched the Play Agua® social casino site and app for Agua Caliente Casinos. Utilizing GAN’s Simulated Gaming software, this platform allows casino operators to enhance patron engagement through social gaming. Agua Caliente, owned by the Agua Caliente Band of Cahuilla Indians, operates three casinos in California. The new solution integrates with their ACE Club loyalty program and includes marketing services for acquisition and retention. This partnership aims to expand social gaming opportunities in states lacking real money iGaming legislation.

GAN Limited (NASDAQ: GAN) announced a partnership with Alpha IR Group to enhance its investor relations strategy. CEO Dermot Smurfit highlighted the importance of this move in educating the market about GAN's growth and investment thesis. Alpha IR is expected to provide strategic support, including developing impactful investor messaging and materials. This partnership aims to strengthen GAN's efforts in communicating with stakeholders as it continues to expand its software solutions for regulated U.S. Internet gambling.

GAN Limited (NASDAQ: GAN) has launched a simulated Internet sports betting platform for a major retail casino operator in the Midwest. This new offering enhances GAN's existing Simulated Gaming product and integrates with its GameSTACK software platform. The platform allows users to place entertainment-only bets on major U.S. sports events, aiming to engage a younger demographic of sports gamblers. Management anticipates that this addition will accelerate sales of Simulated Gaming to other U.S. retail operators, providing them a competitive edge in acquiring future sports betting customers.