Gaming Innovation Group – Issue of new shares

Gaming Innovation Group Inc. (GiG) has today issued 1,777,873 new shares of its common stock for the earn-out consideration in connection with the acquisition of Sportnco Gaming SAS (“Sportnco”), ref. GiG’s 2022 Annual Report and Exemption Document dated 13 July 2022. The earn-out consideration for Sportnco’s performance in 2022 were EUR 8,495,280 whereby 50% has been paid in cash and 50% in shares. The shares have been issued to the former shareholders of Sportnco at a share price of NOK 27.60 for a total consideration of EUR 4,247,640.

In addition, GiG has today issued 39,650 new shares of its common stock in connection with exercise of options, whereof 25,000 shares at a share price of NOK 15.00 per share and 14,650 at a share price of NOK 22.00 per share. Included are the 25,650 options exercised in April, ref announcement on 11 April 2023.

The new shares are issued by the Board of Directors under the Company’s 150,000,000 authorized shares, and the Company confirms that the new shares have been duly authorized by all necessary corporate actions and that the new shares have been fully paid and validly issued. The Company’s share capital has increased from USD 127,132,038 to USD 128,949,561, and the number of outstanding shares has increased from 127,132,038 to 128,949,561 (par value USD 1.00). In addition, a total of 2,732,950 options are outstanding as of today.