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"Live Long And Prosper" V
GAN Limited Announces Pricing of its Upsized U.S. Initial Public Offering
Tue May 5, 2020 7:00 AM|Business Wire|About: GAN
LONDON--(BUSINESS WIRE)-- GAN Limited (GAN) (NASDAQ: GAN), a leading business-to-business supplier of internet gambling software-as-a-service solutions primarily to the US land-based casino industry, today announced the pricing of its upsized initial public offering of 6,380,000 ordinary shares at a price to the public of $8.50 per share. All of the ordinary shares are being offered by GAN. In addition, GAN has granted the underwriters a 30-day option to purchase up to 957,000 additional ordinary shares at the initial public offering price, less the underwriting discounts and commissions. GAN has received approval to list its ordinary shares on The Nasdaq Capital Market, with trading expected to begin on May 5, 2020 under the symbol “GAN.”
Prior to this offering, the ordinary shares of GAN plc have traded on AIM, a market operated by the London Stock Exchange plc (“AIM”). As of May 5, 2020, the trading of shares on AIM has been suspended in preparation for delisting on May 6, 2020. In connection with this offering, GAN will affect a reorganization and ************** in which GAN plc will become a wholly-owned subsidiary of GAN Limited, the ordinary shares of GAN plc will no longer trade on AIM, and the former shareholders of GAN plc will receive one ordinary share of GAN Limited for every four ordinary shares of GAN plc and an aggregate of £2 million in cash.
The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by GAN, are expected to be approximately $54.2 million, excluding any exercise of the underwriters’ option to purchase additional ordinary shares. The offering is expected to close on May 7, 2020, subject to the satisfaction of customary closing conditions. GAN intends to use the net proceeds from this offering for working capital and general corporate purposes, including sales and marketing activities, product development and capital expenditures.
The offering is being made through an underwriting group led by B. Riley FBR, who is acting as sole bookrunner, Macquarie Capital, who is acting as lead manager, and Craig-Hallum Capital Group who is acting as a co-manager.
Suspended because of move to the NASDAQ. Suspension and removal from AIM was always coming.
Yes just try’ed to top up
Aren't they suspended with pending announcement?
No idea if they will keep this page going....so thought I would just say GLA in case not!
Should be an interesting and transformational time for the company.
Spoke to them and they are themselves 'waiting on more information before contacting holders next week'. So not the clearest of situations. Cheers for responding
Blimey, i have never heard of them! You either will or will not be able to trade US shares on their platform. If you cannot one would think that they would have emailed you by now to tell you that. I would check all your spam folders to make sure that you have had nothing from the broker. Today is your last chance to either sell or buy more for a while as there will be a delay for UK shareholders whilst the share moves across to the Nasdaq. I would ring them straightaway, this afternoon and find out just what is going on. No advice intended but you are obviously pretty relaxed about your holding here as you have not looked at it in a long while, I think that the Nasdaq listing will be a good move for the company and the share price. If i were you i would look again in a year or two and lets hope that you are once again pleasantly surprised.
Hi Dynamo.
I use the x-o. co uk platform which is owned by Jarvis Investment Management Ltd. I've asked for advice from them but no reply so far
Who is your broker Mandala?
Hi guys,
Fairly limited knowledge investor here, bought GAN on the x-o (jarvis investment) trading platform in 2018 at £0.57
Just logged in to a nice surprise. Looking to keep holding, but can anyone with more knowledge explain
what the effect of the NASDAQ move has on uk holders? Any actions that should be taken, will shares remain as is on my current platform?
Cheers
Useful, thanks for posting. Should be an interesting couple of weeks! GLA.
Good NASDAQ IPO coverage here:
Https://seekingalpha.com/article/4342365-u-s-ipo-week-ahead-gan-bets-on-in-one-ipo-week
The lack of available stock from presumably locked-in institutions and most British PIs who can't deal for a few weeks post-NASDAQ certainly helps the chances of a decent premium to the IPO price - and the 101% premium achieved by DraftKings on their IPO last week won't hurt either.
I don’t believe HL will let you buy until the stock re-lists on the NASDAQ. Any stock currently held with them is also not tradeable as it is temporarily held with HSBC. Other dealing services do seem ok.
Is anyone buying with hl
"GAN recently issued market guidance of $100M in sales in three years with EBITDA margins of 30%+. Their sales in 2019 were ~$30M and EBITDA was ~$8.4M. Today investors can buy GAN prior to listing on the Nasdaq at <10x our estimate of FY22E EBITDA. This seems very cheap given their strong growth, scalable model, and the valuation of other US internet gambling focused peers. While bears have focused on heavy FanDuel concentration, our analysis of the industry suggests that investors are inappropriately lumping sports and internet casino concentration into one risk factor. The reality is more nuanced. The experience of sports betting operators in Europe over the last decade suggests that the outsourced internet casino business will be much stickier and is harder to replicate than the outsourced player-account management function. While FanDuel may migrate portions of their outsourced business in-house over time, GAN is likely to remain an important partner for FanDuel in many states, particularly on the internet casino portion of their business. Moreover, a meaningful percentage of the market consists of subscale brick & mortar gambling operators that do not have the resources to build in-house back-end technology and will need to rely on a reputable turn-key provider like GAN."
From the Alta Fox newsletter:
Https://www.altafoxcapital.com/research
GAN LN (“GAN”):
One of our investments in our online gambling theme was GAN, which provides an end to end iGaming solution for brick & mortar and online gambling operators (i.e. designing the interface,player-account management, regulatory reporting, payment processing, integrating casino games and betting lines) and earns a high single digit take rate on every dollar won by their operators. GAN grew revenue 114% in 2019 yet traded at a high single digit FY20E EBITDA multiple when we entered our position. We then increased our position significantly when the stock sold off sharply amidst the cancellation of sports and broader COVID-19 induced panic selling. While sports betting is roughly 10% of GAN’s revenues and its cancellation would be a headwind, the market was reacting as if all of GAN’s revenues were at risk. In reality, the cancellation of sports accelerated a channel shift to online casino gambling, which GAN earns a higher take rate on and is the majority of its SaaS revenue.
GAN is moving from the London AIM exchange to the Nasdaq on May 5th and picking up analyst coverage from three new banks (B. Riley, Craig-Hallum, Macquarie). Following May 5th, GAN will become one of the only US listed pureplay stocks that allows investors to capitalize on the growth of online gambling in the US. As of today, only four US states have legalized online sports betting (NJ, PA, IN, WV) for private competition, and only two US states have legalized online casino gambling (NJ, PA) for private competition. Both sports betting and online casino offerings have been very successful in each state launched to date, and over time, GAN’s total addressable market will dramatically expand as more states approve online gambling to reap the benefits of increased tax revenue. COVID-19 may serve as a catalyst for more states to accelerate both the legalization and launch of online gambling offerings."
15 dollars I reckon.
That would make more sense. As I recall it’s a 4 for 1. Their previous guidance was for circa $6-$8.50 I think, which doesn’t correlate against today’s price. Somewhere around $12 much closer when looking at today’s price....no idea if I have that right! Being really honest, I never thought we would get this far without being bought out!
this is a bargain after listening to the presentation.
all 10 years of working on the platform...USA is going to be massive. US investors are going to be all on this,
I have seen some noise on grey market, reddit and twitter...all very exciting.
many mature commenters believe GAN will revise the IPO price to $12 minimum.
load up...you can see because of the buys here.
£369,000 buy. I thought I would top up with a few more. lol Serious instit cash....
WOW....well done all. Just a few of us enjoying this journey it appears!
250p......look at that huge buy. 100K plus. Still reckon this will be around 500p open on Nas.
Look at these late reported trades! Loads over 50K...plenty of selling and still up 14%.
All looking very positive and on Plan. :)
I think GAN will attract much attention on NASDAQ.