(Alliance News) - Internet gambling software company GAN PLC on Monday said it has submitted a draft registration statement for a proposed US public listing.
The draft was submitted on Friday last week to the US Securities & Exchange Commission, with the public listing expected once the SEC review is completed, though this is "subject to market and other conditions".
Shares in GAN closed up 4.4% at 178.00 pence in London on Monday.
This follows GAN's Friday announcement that it intended to start trading in the NASDAQ as a foreign investor "as soon as reasonably practicable". This was revealed along with the knowledge that GAN expects full-year revenue to double amid rising demand in New Jersey and Pennsylvania following the start of the NFL season in the US.
Trading in 2019 was ahead of market expectations, GAN said, with revenue expected to more than double from GBP10.9 million in 2018. The earnings before interest, tax, depreciation and amortisation margin is expected to improve to between 30% and 35% compared with a negative 14% in 2018.
By Anna Farley; annafarley@alliancenews.com
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