(Alliance News) - GAN PLC on Monday announced a price range for its imminent US initial public offering and reported first-quarter earnings which were "more resilient" than expected.
GAN, which plans to begin trading in New York next week Wednesday, said shares are expected to be priced between USD6.50 and USD8.50. It will offer about 4.1 million GAN Ltd shares in the US initial public offering, meaning it could raise up to USD34.5 million.
The gambling software supplier added that it will price its US fundraise next week Tuesday and expects its shares to be cancelled from London's AIM market two days later.
GAN back in January said it intends to start trading in the NASDAQ as a foreign investor "as soon as reasonably practicable".
On its first quarter ended March 31, GAN said it expects revenue between USD7.5 million and USD8.0 million.
Adjusted earnings before interest, tax, depreciation and amortisation are forecast to come into between USD1.8 million and USD2,2 million.
"Revenue from internet sports betting, although impacted by Covid-19, appears to be more resilient than originally anticipated by management," GAN said.
The company's gross operator revenue - a measure which identifies client revenue from operating GAN simulated gaming or regulated gambling business - was 17% higher quarter-on-quarter at USD141 million.
GAN expects revenue between USD37 million and USD39 million in 2020.
The company, though yet to publish its 2019 results, back in January said it expected 2019 revenue to more than double from GBP10.6 million in 2018.
GAN shares were 1.2% higher at 170.00 pence each in London on Monday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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