Comprehensive M&A data with integrated detailed company information
GAN files for Nasdaq listing
Posted on Thursday, 26 March 2020 13:48
UK-based internet gambling software provider GAN is planning a US secondary public offering on Nasdaq that could raise up to USD 35.00 million.
The group is currently listed on London’s AIM and is yet to set terms, including the number of shares and the price per stock.
B Riley FBR has been hired as sole underwriter to the flotation, despite the continued developments regarding COVID-19.
In addition to filing its prospectus, it provided an update of its position due to the coronavirus pandemic.
As GAN is an online only gaming operator, it has successfully implemented a work from home scheme and has not experienced any technical development or operational issues.
The business has 15 simulated gaming partners worldwide providing social gaming, real money gaming and unique in-casino mobile experiences.
Its US partners generate USD 9.00 billion in gross gaming revenue per year and house over 125,000 slot machines.
Founded in 2002, GAN plans to use the proceeds for working capital and general corporate purposes, including sales and marketing activities, product development and capital expenditures.
Any additional capital may go towards funding acquisitions and investments in complementary businesses, services, technologies and intellectual property rights.
GAN posted revenue of USD 29.97 million in the year ended 31st December 2019, up 113.8 per cent from USD 14.02 million in the previous 12 months.
Net income totalled USD 2.36 million in 2019, compared to a loss of USD 8.64 million in 2018.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been ten initial public offerings of companies based in the UK announced in 2020 to date.
In the largest of these, energy infrastructure group Calisen raised GBP 328.79 million in a stock market flotation on the London Stock Exchange.
Other companies included DRI Healthcare, Cabot Square Alternatives, Nippon Active Value Fund and Inspecs Group.
© Zephus Ltd