Gan shares surge as it bets on Nasdaq
GAN provided a market update including an update in light of the recent developments regarding COVID-19.
The Company maintains online only gaming operations, and the successful implementation of “Work from Home” was completed on March 13. As a wholly digital business, GAN has not experienced any interruption in technical development, and/or technical operations conducted to support its clients. Furthermore, early indications of a material shift from retail gambling to online gambling is anticipated to be positive for GAN’s overall revenue opportunity during this time.
The Board of Directors, in consultation with its financial advisers, continues to be committed to the Nasdaq listing following the issuance of the UK Scheme of Arrangement documents to shareholders on March 13, 2020, with a shareholders meeting scheduled for March 31, 2020.
The Company has publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission (the “SEC”) relating to the proposed public listing of common stock in GAN Limited. The public listing is expected to take place after the SEC completes its review process, subject to market and other conditions. The number of ordinary shares to be offered and the price range for the proposed offering have yet to be determined.
The Form F-1 registration statement has not yet become effective. These securities to be registered may not be sold nor may offers to buy be accepted prior to the time when the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.