GAN Limited
GAN Limited Shareholders Approve SEGA SAMMY Merger Proposal at Special General Meeting of Shareholders
GAN Limited, a leading North American B2B technology provider of real money internet gaming solutions and a leading International B2C operator of Internet sports betting, announced that, at a special general meeting of its shareholders held on February 13, 2024, GAN shareholders overwhelmingly approved the previously announced merger agreement and merger of GAN and a subsidiary of SEGA SAMMY CREATION INC. (SSC), an affiliate of SEGA SAMMY HOLDINGS INC.
Over 95% of the votes cast voted in favor of the approval of the merger agreement and the merger. Approximately 51% of GAN’s issued ordinary shares as of the close of business on January 2, 2024, the record date for the meeting, were represented at the meeting. Shareholders also approved, on a non-binding advisory basis, the compensation that may be paid or become payable to GAN’s named executive officers in connection with the merger.
The final voting results will be reported on a Form 8-K filed with the SEC by GAN with respect to the special shareholder meeting.
The closing of the merger is expected to occur in late 2024 or early 2025, subject to the satisfaction or waiver of certain conditions to closing, including the approval of the merger and change in control of GAN by certain gaming authorities. If the merger is completed, each GAN ordinary share issued immediately prior to the effective time of the merger will be automatically cancelled and converted into the right to receive $1.97 in cash with respect to each such ordinary share, without interest and less applicable withholding taxes. Upon the completion of the merger, GAN will cease to be a publicly-traded company and its ordinary shares will be delisted from The Nasdaq Capital Market and deregistered under the Securities Exchange Act of 1934, as amended.
GAN Limited announced that Mr. Brian Chang has recently been named the Company’s Chief Financial Officer. Mr. Chang had previously been serving in an interim capacity.
Mr. Chang will be focused on guiding the Company toward a timely closing with Sega Sammy Creation Inc. (Sega Sammy).
“I’d like to congratulate Brian on his appointment to permanently lead our finance team. Brian has proven his financial acumen having served as our interim Chief Financial Officer and he has the full backing of the board of directors. Brian’s proven leadership amongst the financial team and strong knowledge of accounting and financial controls leave us confident that he is the right person to guide us to a successful close of our merger with Sega Sammy,” said David Goldberg, the Company’s Chairman of the Board.
“Brian is a highly capable financial leader and has been an important member of the team since 2021. I’d like to congratulate Brian on his appointment, and I look forward to a continued good working relationship with him,” said Seamus McGill, GAN’s Chief Executive Officer.
“I’d like to thank both Seamus and the Board for their confidence. I look forward to the opportunity to continue to lead our finance team toward a successful closing of our merger with Sega Sammy,” said Brian Chang.
GAN Limited, a leading North American B2B technology provider of real money internet gaming solutions and a leading International B2C operator of Internet sports betting, announced that Seamus McGill has recently been named the Company’s Chief Executive Officer. Mr. McGill had previously been serving in an interim capacity.
Mr. McGill’s will remain on the Company’s board of directors and will be focused on guiding the Company toward a timely closing with Sega Sammy Creation Inc.
“Seamus has the full backing of the board of directors and we are confident that his experience and leadership make him the most qualified candidate to be GAN’s next CEO. Seamus has been with the Company since 2014 and has a deep understanding of GAN’s products, customers, and strategy. On behalf of the entire Board of Directors, I’d like to congratulate Seamus on his appointment and we look forward to his success,” David Goldberg, the Company’s Chairman of the Board, said.
“It’s an honor to be named GAN’s CEO and I’d like to thank David and the board for their vote of confidence. Going forward, our focus remains unchanged. We remain committed to a timely closing of our transaction with Sega Sammy to maximize value for all of our stakeholders,” added Seamus McGill.
Canada
GAN Announces Successful Launch of B2B Sports Betting Solution at WynnBet Sportsbook at Encore Boston Harbor
GAN Limited has launched their B2B sports betting technology and trading solution, GAN Sports at WynnBET Sports Book at Encore Boston Harbor.
Encore Boston Harbor’s launch of the highly anticipated WynnBET Sportsbook at Encore Boston Harbor in Massachusetts took place on Tuesday, January 31, 2023, and featured celebrity guest appearances by several New England sports legends and media personalities. Guests of the WynnBet Sportsbook at Encore Boston Harbor have the ability to place wagers at one of ten, over-the-counter wagering windows located in the state-of-the art, 130+ seat sportsbook lounge. The casino also features one hundred and twenty self-service betting kiosks, conveniently located throughout the property, including an “Express” sportsbook located on the first floor of the free self-parking garage, which provides guests quick access to 20 betting kiosks.
The Encore Boston Harbor WynnBET sportsbook supported by GAN Sports technology is the largest known installation of self-service betting kiosks in the US.
This announcement continues to demonstrate the extensive capabilities of GAN Sports’ in-house online and retail sports betting technology. GAN Sports is a modern sportsbook technology platform built upon the award-winning Coolbet technology (acquired by GAN in January 2021) that has been adapted for the U.S. B2B market.
Rob Lekites, VP of North American Sports for GAN, said: “We are encouraged by a highly successful launch of our solution to help power a truly marquee partner like WynnBet, and we are excited to continue to showcase perhaps the most innovative sports experience available anywhere in the US today. Given the size of the overall project, and its importance to both of our organizations, the teams from GAN, WynnBet and Encore Boston Harbor have worked extremely hard over the past few months to deliver the premier sportsbook in Massachusetts. We’re extremely proud of the efforts from the GAN team, and we are thankful for the overwhelming support from the Encore Boston Harbor team.”
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