Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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still flying. Hit a new high of 15.85 just after open. 3.20 in old money. Can it push through to 20 dollars? Thats 4.08 in old money. By next update?
Sure Peter you say.
My broker said they are not expecting the share certificates until the 20th of May. Apparently they will receive actual printed share certificates and then need to update holders accounts manually.
Holders can then sell them once they have been entered into their account.
I must say this sounds very long-winded and old-fashioned. If you had wanted to sell your GAN shares anywhere near the IPO date you would have no chance. If you have US trading facilities on your broker account you could have bought GSN shares on the launch date but it can take up to 6 weeks for existing shareholders to be allocated with their new shares and for these to then be entered into their account.
Obviously anyone who does not have US trading facilities now needs to set this facility up with their broker so they can trade their GAN shares once they have been allocated.
This is not such a big issue so long as they keep rising. They are currently $15 which is about £12.19 in new money, £3.05 in old money.
GAN holders will also get 2.4 p for every old share they used to have. I'm not sure if this will be paid when the shares are allocated to each holders account or at some point in the future.
I have doubled my money in just a few months. Others have done much better if they got in at the low point in March.
Finally, I like the post below and might hang on to them for another 6-months to see what happens. If GAN are doing this well at this point of the recovery, in 6 months time when more people in the United States have jobs and money is being spent more freely then $15 will seem like ancient history when they are trading much higher.
Currently at 15.06. I bought a modest amount of a UK stock that delisted and a year or so later relisted on a US market. I forgot about it and only noticed it last year when I checked it on a separate delisted list. I laughed ...the price was up about 9 fold on the price I paid and it was showing a value at about ten thousand dollars. I pressed the button to try to sell half. I fully expected a message to say "no value", "error" and so on. Instead I got the "confirm sale" message and then the contract. I sat there looking at it in amazement. So where Gan will go to in a year? 40 or 50 dollars would not amaze me after that!
Lovely close yesterday bodes well. Pretty, pretty happy with a 70% premium above the IPO price.....
NJ and PA figures for April will be released in the next 10 days or so and will hopefully keep things bubbling nicely.
crashed through 15 dollars today. Around £3 in sterling. Gan also raised about 60 million dollars in cash so plenty of scope.
Will look to sell half of my holding as this price is a four bagger plus for me. When I can. Then leave the rest and see where we are. Been some rally from around 58p intraday in March
Yup, going to take a while for all the admin to catch up. Apparently some NASDAQ stocks can be ISA eligible but it’s down to the companies involved. I am going to assume this one won’t be. Maybe someone can post when their new GAN shares show up so we can get a feel for how long it might take. Slight dip into the close yesterday but I suspect management are very pleased with the first few days. Hopefully a lot of news will follow.
GAN Limited Rings the Opening Bell in Celebration of its IPO
https://www.nasdaq.com/events/gan-limited-rings-the-opening-bell-in-celebration-of-its-ipo
The Corporate Action Detailed on the II web-site (it should still be there, have a look) said:
“Under the terms of the Scheme, holders will be issued with 0.25 GAN Bermuda shares and GBP0.0232 in cash in exchange for each GAN UK share held.
The GAN Bermuda shares will be listed on the NASDAQ and issued to us as certificates. Upon receipt of the certificates we will arrange to deposit them with our International Custodian. However, as we are reliant upon a third party this may take up to six weeks.
Holders that do not already have a W8-BEN in place should complete one. The W8-BEN can be found in the useful forms section on your account and will need to be posted”
Tough if you want to deal in rather near future. However, price as I type is $14.75, about 298p per old share, versus 225p on suspension. Fingers crossed for the next six weeks, then.
yeah and if you didn't already have US listed shares your broker will probably want you to complete a form , W8en or something similar - it's for US tax purposes - it normally can be done electronically - but I wouldn't have thought that would lead to any further delays
Thanks Wolfbag2, I did comply with whatever I was supposed to do re: the listing on Nasdaq, can't remember details, but do remember that they said cash would be credited to the account for cash left over from the 1 for 4 shares today (May 7th), can't remember what was said about the actual shares, i presumed that the US shares would be shown on the portfolio at the same time. I will contact ii as you suggest after a few days if they still are missing. I also signed a long form re: being a private investor and not a company etc.
GAN have undergone a transfer to a US listing (NASDAQ) - and a consequent 1 for 4 consolidation this means that you will be getting
i) A divi type payment of around 2.5p per share
ii) You will be getting 1 US share for every 4 you previously held - so if you previously had 1000 shares you'd now have 250
The shares I hold with HL are on what they call an ASSD line - and also currently show nil value - but I expect they will show a US listing in due course
I'm not sure whether they will be eligible to be held in ISA form (mine are!) - so that may be a further complication
I would not panic just yet - give it a week or so and if it continues to show nil value after that time you may wish to contact your broker
I use Interactive Investor as share dealing platform and GAN is just showing 100% loss
I haven't been following the listing in US closely so don't know why this is.
I'd be grateful for any help
It’s hard not to look everyday! Shares removed from ISA this morning.....so currently somewhere in the air....no idea when they will reappear, but not planning on selling anyway. GLA and well done to the GAN team who certainly seem to have managed this very well and have made the transformational move.
Excellent coverage here after another decent gain today to close at $13.86:
Https://calvinayre.com/2020/05/06/business/gaming-software-provider-gan-flying-high-with-us-ipo/
Extract:
"When the stock went public, it opened at $10.60 a share – investors were already enjoying an immediate return on their investments. However, that was just the beginning. Throughout the first day of trading, the stock rose to as high as $13.92 before settling down a little bit. Still, by the end of the day, it closed at $13.25 for a gain of more than 55%. Given the current impact the coronavirus pandemic has had on the global gaming community, GAN’s market performance speaks volumes of what lies ahead for the industry.
This is most likely just the beginning, too. There is apparently a lot of investor demand for the gaming company’s stock, and GAN did its homework before going live on NASDAQ. By upsizing the offering, it was putting itself in a position where, if successful, it would be able to receive a fully diluted market value of $254 million, according to IPO research firm Renaissance Capital. This means that it is above the micro-cap range, even just with the initial price without the subsequent gains, putting it in a position to receive even more interest from small-cap investors, and possible quick inclusion into certain small-cap fund indexes.
COVID-19 has forced a shift in how the gaming industry is viewed, and more attention is being placed on online operations. As devastating as the health pandemic has been, it has had a silver lining by being the impetus for much-needed changes in how gaming was viewed on the international stage. The strong performance of GAN mirrors that of another iGaming-focused company that recently went public, DraftKings. Also on NASDAQ, the company has watched as its price increased from $12.61 on April 6 to $21.61 as of yesterday afternoon. It’s hard to argue with the numbers, and they show that Internet-based gaming is going to be the gaming of the future."
must try not to look every day!
A very good day - finished at $13.25, or £2.65 in old money. Excellent coverage here - imagine if GAN enters the Russell 2000....
Https://www.casino.org/news/gan-increased-its-ipo-size-stock-soars-in-us-debut/
"Why The Upsizing Matters
The substantial increase in GAN’s offering size indicates strong investor demand for the shares, but it’s important for another reason.
Under the company’s previous offering terms, the stock would have priced with a market capitalization of $192 million, putting it in micro-cap territory. By increasing the size of the IPO, GAN “commands a fully diluted market value of $254 million,” according to Renaissance and that doesn’t account for today’s price appreciation.
The higher GAN’s market value is and the further removed from micro-cap status it becomes, the shorter the odds are that the stock will eventually be added to widely followed small-cap benchmarks, such as the Russell 2000 and the S&P SmallCap 600 indexes.
GAN is already significantly larger than the smallest Russell 2000 stock, but its market capitalization would need to grow to at least $450 million to be considered for the S&P SmallCap 600.
Entering one or both of those benchmarks would be a coup for the iGaming software maker because fund managers that track those indexes would have to buy GAN stock."
Oops I did get the decimal point wrong - 2.3p x 664 is about fifteen quid.
Just as well the shares are going up in value then!
Decent first day. Settling at around $12.75 - so showing a 50% rise of that day - although that puts us not far off where we closed on AIM before the move. ...with a fairly chunky capital raise. Hopefully just the start of its new journey. GLA.
errr dont get your hopes up . . . . methinks you got the decimal point wrong - 2.3p x 664 is about fifteen quid
I missed a bit.
Under the terms of the Scheme, holders will be issued with 0.25 GAN Bermuda shares (ie 1 new share for each 4 old shares) PLUS GBP0.0232 in cash in exchange for each GAN UK share held.
So my 664 old GAN shares give me another £154.05 on top of whatever my 166 new GAN shares are worth on the NAS.
https://www.nasdaq.com/market-activity/stocks/gan
a price link (if it works !)
At $10 each, old GAN shares are worth £2.00
At $13 each, old GAN shares are worth £2.60
At $15 each, old GAN shares are worth £3.00
I hold 664 old GAN shares.
I will get 1 new GAN share for each 4 old GAN shares. So I will have 166 new GAN shares with a value of $8.50 per share. Thats £1,129 UK pounds.
That makes each OLD GAN share worth £1.70.
However, someone said GAN are trading at around $15 which makes my holding worth $2,490 (166x$15 = $2,490). That is £1,992.80 british pounds.
So divide £1,992.80 by my original holding of 664 shares and that is £3 per share.
So if GAN are trading at $15 per share just multiply the number of old GAN shares you have by £3 and that should be how much your holding is worth.
If anyone would like to correct this in any way or comment please be my guest.
sorry make that $13 - started $8.5 now around $13 (thats 54% on the day) - meet you on the other side
Just appearing to update on NASDAQ - started at around £13 - if I am reading it correct !!!