Annuncio • Apr 12
GAN Limited, Annual General Meeting, Jun 26, 2025 GAN Limited, Annual General Meeting, Jun 26, 2025. Annuncio • Feb 11
GAN May Delist from Nasdaq Capital Market and Deregistered Upon Completion of the Merger GAN Limited announced that it has entered into an amendment to the merger agreement for the proposed merger of GAN and a subsidiary of SEGA SAMMY CREATION INC. ('SSC'), an affiliate of SEGA SAMMY HOLDINGS INC. ('SEGA SAMMY HOLDINGS'). If the merger is completed, each GAN ordinary share issued immediately prior to the effective time of the merger will be automatically cancelled and converted into the right to receive $1.97 in cash with respect to each such ordinary share, without interest and less applicable withholding taxes. Upon the completion of the merger, GAN will cease to be a publicly-traded company and its ordinary shares will be delisted from The Nasdaq Capital Market and deregistered under the Securities Exchange Act of 1934, as amended. Annuncio • Jan 23
GAN Limited Receives Non-Compliance Letter from Nasdaq On January 14, 2025, GAN Limited (the Company"), received a written notice from The Nasdaq Stock Market LLC (Nasdaq") notifying the Company that it was not in compliance with the rules for continued listing as set in Nasdaq Listing Rules 5620(a) and 5810(c)(2)(G) due to the Company not having held an annual meeting of shareholders within twelve months of the end of the Company's fiscal year end. The Company has 45 days to submit a plan to regain compliance. If that plan is accepted by Nasdaq, then the Company may be granted an exception of up to 180 calendar days from the fiscal year end, or until June 30, 2025, to regain compliance. The Company intends to submit a compliance plan within the specified period. The Company delayed the holding of its annual meeting of shareholders due to the anticipated closing of its previously announced merger with Arc Bermuda Limited, a wholly-owned subsidiary of SEGA SAMMY CREATION INC., a Japanese corporation. The merger has been approved by GAN shareholders at a special general meeting of its shareholders, received clearance from the Committee on Foreign Investment in the U.S. (CFIUS) and received approval from several gaming regulatory agencies. While the compliance plan is pending, the notice has no immediate effect of the listing of the Company's common stock, and its common stock will continue to trade on Nasdaq under the symbol GAN" at this time. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: US$0.046 (vs US$0.18 loss in 3Q 2023) Third quarter 2024 results: EPS: US$0.046 (up from US$0.18 loss in 3Q 2023). Revenue: US$37.1m (up 24% from 3Q 2023). Net income: US$2.08m (up US$10.2m from 3Q 2023). Profit margin: 5.6% (up from net loss in 3Q 2023). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 48% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 11
Second quarter 2024 earnings released: US$0.038 loss per share (vs US$0.42 loss in 2Q 2023) Second quarter 2024 results: US$0.038 loss per share (improved from US$0.42 loss in 2Q 2023). Revenue: US$35.6m (up 5.3% from 2Q 2023). Net loss: US$1.73m (loss narrowed 91% from 2Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has fallen by 53% per year, which means it is performing significantly worse than earnings. New Risk • May 11
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: US$40m Forecast net loss in 2 years: US$8.3m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Negative equity (-US$8.9m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$8.3m net loss in 2 years). Market cap is less than US$100m (€53.2m market cap, or US$57.3m). Reported Earnings • May 11
First quarter 2024 earnings released: US$0.092 loss per share (vs US$0.035 profit in 1Q 2023) First quarter 2024 results: US$0.092 loss per share (down from US$0.035 profit in 1Q 2023). Revenue: US$30.7m (down 13% from 1Q 2023). Net loss: US$4.16m (down 377% from profit in 1Q 2023). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Hospitality industry in Germany. Annuncio • May 10
GAN Limited to Report Q1, 2024 Results on May 09, 2024 GAN Limited announced that they will report Q1, 2024 results After-Market on May 09, 2024 Annuncio • Apr 02
GAN Limited Announces Appointment of Brian Chang to Chief Financial Officer GAN Limited announced that Mr. Brian Chang has recently been named the Company’s Chief Financial Officer. Mr. Chang had previously been serving in an interim capacity. Mr. Chang will be focused on guiding the Company towards a timely closing with Sega Sammy Creation Inc. Mr. Chang has served as the Company’s interim Chief Financial Officer since November 2022. Previously, he had served as GAN’s Senior Vice President and Corporate Controller since September of 2021. Prior to his service at the Company, from 2014 to 2021, Mr. Chang served as the Vice President of Accounting and Reporting at Alorica Inc. Previously, Mr. Chang was an audit manager at Deloitte. Mr. Chang brings substantial experience in financial reporting and process optimization, and has overseen successful integrations, divestitures, and restructuring efforts. Mr. Chang holds a Bachelor of Arts, Economics from the University of California, Irvine and a Masters of Accounting from the University of Southern California. New Risk • Mar 15
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$4.6m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (28% average weekly change). Negative equity (-US$4.6m). Minor Risks Shareholders have been diluted in the past year (7.2% increase in shares outstanding). Market cap is less than US$100m (€53.9m market cap, or US$58.6m). Reported Earnings • Mar 13
Full year 2023 earnings released: US$0.78 loss per share (vs US$4.66 loss in FY 2022) Full year 2023 results: US$0.78 loss per share (improved from US$4.66 loss in FY 2022). Revenue: US$129.4m (down 8.6% from FY 2022). Net loss: US$34.4m (loss narrowed 83% from FY 2022). Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Hospitality industry in Germany. Annuncio • Feb 15
Gan Limited Appoints Seamus Mcgill as Chief Executive Officer GAN Limited announced that Mr. Seamus McGill has recently been named the Company’s Chief Executive Officer. Mr. McGill had previously been serving in an interim capacity. Mr. McGill’s will remain on the Company’s board of directors and will be focused on guiding the Company towards a timely closing with Sega Sammy Creation Inc. Annuncio • Jan 20
Wohl & Fruchter LLP Files Class Action Lawsuit on Behalf of Shareholders of GAN Limited in the U.S. District Court for the Southern District of New York Wohl & Fruchter LLP announced that on January 16, 2024, it filed a class action lawsuit in the United States District Court for the Southern District of New York, captioned Zappia v. GAN Limited et al., Case No. 24-cv-00032-JPC, on behalf of a class (“Class”) of individuals and entities that held common stock of GAN Limited as of the close of business on January 2, 2024 (“Class Period”), asserting claims under Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, and Securities and Exchange Commission Rule 14a-9 promulgated thereunder, in connection with the proposed merger of GAN and an affiliate of SEGA SAMMY CREATION INC. Annuncio • Dec 23
Gan Limited Announces Board Changes GAN Limited announced changes to its Board of Directors and accompanying committees. Mr. Seamus McGill will step down from his role as Chairman of the Board, while continuing in his role as interim CEO and will be focused on guiding the company towards a timely closing with Sega Sammy Creation Inc. Mr. David Goldberg will assume the role of Chairman. The Company also announced the appointment of Mr. David D. Ross to the Board of Directors. Mr. Ross brings 35 years of experience in the gaming and hospitality industries along with extensive backgrounds in both capital markets and M&A. Mr. Michael Smurfit has also informed the Company of his intention to step down from his role on the Company’s Board of Directors, effective December 31, 2023. The Company announced the appointment of David D. Ross to its Board of Directors. Mr. Ross will serve as the Chairman of the Audit Committee. Ross’s appointment to GAN’s board brings extensive experience as a public company gaming executive and director, as well as new independent leadership. David D. Ross is currently the CEO of Gaming Asset Management Enterprises, LLC, a Nevada-based holding company. He is also the CEO of Gaming Asset Management Advisers, LLC, a Nevada based Company focused on the gaming and hospitality industry. Mr. Ross also currently serves as President & Member of the Board of Directors for the JW Marriott - Rampart Casino in Las Vegas, Nevada. Previously, he served as Chairman of the Board of DEQ Systems, a Gaming Technology company listed on the TSX.V. As Chairman, Mr. Ross successfully executed a strategic process that resulted in the sale of the company to Scientific Games. Beginning in 2011 until 2014, Mr. Ross served as Chief Executive Officer and a member of the Company’s Board of Directors for Affinity Gaming. Prior to that, he served as Chief Restructuring Officer and Chief Operating Officer – Gaming for Herbst Gaming Inc. Prior to joining Affinity /Herbst Gaming, Mr. Ross spent 25 years with Coast Casinos, now a division of Boyd Gaming Corp., serving in a variety of management positions. Most recently he served as Coast Casinos’ Chief Operating Officer from 2004-2008. Ross earned a B.A. in Business Management and an M.S. in Hotel Administration from the University of Nevada, Las Vegas. He currently serves as Chairman of the UNLV Foundation Board of Trustees. He has been licensed, or found suitable, as an officer, director, or key employee in approximately 35 jurisdictions across the Unites States & Canada and is currently licensed by the Nevada Gaming Control Board as both a Key Employee & Officer & Director. Reported Earnings • Nov 11
Third quarter 2023 earnings released: US$0.18 loss per share (vs US$0.16 loss in 3Q 2022) Third quarter 2023 results: US$0.18 loss per share (further deteriorated from US$0.16 loss in 3Q 2022). Revenue: US$29.8m (down 7.2% from 3Q 2022). Net loss: US$8.16m (loss widened 18% from 3Q 2022). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Hospitality industry in Germany. Annuncio • Nov 09
Sega Sammy Creation Inc. (SSC) entered into a definitive agreement to acquire GAN Limited (NasdaqCM:GAN) for $91.7 million. Sega Sammy Creation Inc. (SSC) entered into a definitive agreement to acquire GAN Limited (NasdaqCM:GAN) for $91.7 million on November 7, 2023. Under the Merger Agreement, at the effective time of the merger, each of GAN’s issued ordinary shares will be converted into the right to receive in cash $1.97 per share. Upon completion of the merger, GAN will become a wholly owned subsidiary of SSC and GAN’s ordinary shares will no longer be subject to public reporting requirements under the Securities Exchange Act of 1934; and its ordinary shares will no longer trade on any market.
All-cash transaction subject to customary closing conditions, regulatory approvals including notification or approval with various gaming regulatory authorities and approval of GAN shareholders. Completion of the merger is not subject to a financing condition. The GAN board of directors formed a special committee, comprised solely of independent directors, to consider the transaction and to negotiate the price per shares and the terms of the Merger Agreement, with the assistance of financial and legal advisors. Based on the unanimous recommendation of the special committee, the GAN board of directors determined that the $1.97 price per share constitutes fair value for each Company ordinary share, and determined that the terms of the Agreement, the merger and the other agreements and transactions contemplated by the Merger Agreement are in the best interests of the Company and its shareholders. Assuming satisfaction of those conditions, the Company expects the merger to close during the fourth quarter of 2024.
B. Riley Securities, Inc. served as the Company’s financial advisor throughout the strategic review process and Sheppard Mullin Richter & Hampton is serving as legal counsel to GAN. SMBC Nikko Securities is acting as Sega Sammy’s sole financial advisor and Greenberg Traurig is acting as Sega Sammy’s legal counsel. Annuncio • Oct 22
GAN Limited Receives Regulatory Approval from the Nevada Gaming Commission GAN Limited announced that it has received regulatory approval from the Nevada Gaming Commission. The approval allows GAN to commence field trial operations of its GAN Sports betting platform with its Nevada customers after the platform is certified and approved. GAN Sports has built the infrastructure to deploy into the Nevada market, including mobile applications and retail sports betting. Reported Earnings • Aug 10
Second quarter 2023 earnings released: US$0.42 loss per share (vs US$0.91 loss in 2Q 2022) Second quarter 2023 results: US$0.42 loss per share (improved from US$0.91 loss in 2Q 2022). Revenue: US$33.8m (down 3.5% from 2Q 2022). Net loss: US$18.4m (loss narrowed 52% from 2Q 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Hospitality industry in Germany. Breakeven Date Change • May 12
Forecast to breakeven in 2025 The 2 analysts covering GAN expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 74% per year to 2024. The company is expected to make a profit of US$236.0k in 2025. Average annual earnings growth of 108% is required to achieve expected profit on schedule. Reported Earnings • May 11
First quarter 2023 earnings released: EPS: US$0.035 (vs US$0.11 loss in 1Q 2022) First quarter 2023 results: EPS: US$0.035 (up from US$0.11 loss in 1Q 2022). Revenue: US$35.1m (down 6.3% from 1Q 2022). Net income: US$1.50m (up US$6.00m from 1Q 2022). Profit margin: 4.3% (up from net loss in 1Q 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Hospitality industry in Germany. Annuncio • May 06
GAN Limited to Report Q1, 2023 Results on May 10, 2023 GAN Limited announced that they will report Q1, 2023 results at 4:00 PM, US Eastern Standard Time on May 10, 2023 Reported Earnings • Mar 31
Full year 2022 earnings released: US$4.66 loss per share (vs US$0.73 loss in FY 2021) Full year 2022 results: US$4.66 loss per share (further deteriorated from US$0.73 loss in FY 2021). Revenue: US$141.5m (up 14% from FY 2021). Net loss: US$197.5m (loss widened US$166.9m from FY 2021). Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Hospitality industry in Germany. Annuncio • Dec 24
GAN Limited Announces Resignation of Don Ryan as President, Enterprise Solutions Effective December 21, 2022, GAN Limited’s President, Enterprise Solutions, Don Ryan, is no longer with the Company. The Company will not seek an immediate replacement for Mr. Ryan. Annuncio • Nov 15
GAN Announces the Appointment of Mr. Eric J. Green to Its Board of Directors GAN Limited announced the appointment of Eric J. Green to its Board of Directors. Mr. Green’s appointment to GAN’s board brings deep investment management and public company gaming expertise, as well as new independent leadership. Mr. Green brings more than 25 years of investment expertise to the Company’s board of directors. Since 1997, he has worked at Penn Capital, an investment firm with approximately $2 billion of assets under management. Mr. Green currently serves as Penn Capital’s Chief Investment Officer of Equity. Additionally, Mr. Green serves as a Senior Portfolio Manager for Penn Capital’s Small Cap and Small to Micro Cap equity strategies. He is currently a member of the firm’s executive team, which oversees the firm’s overall corporate strategy and management. Prior to joining Penn Capital, Mr. Green was with the Federal National Mortgage Association, the Royal Bank of Scotland, and the United States Securities and Exchange Commission, where he served as a financial analyst in the Division of Investment Management. Mr. Green is also Vice Chairman of the Board of Directors for the Anti-Defamation League (ADL) Mid-Atlantic Region. Mr. Green earned a bachelor’s degree in business administration from American University and a master’s degree in business administration from the Yale School of Management. Annuncio • Nov 03
GAN Limited to Report Q3, 2022 Results on Nov 14, 2022 GAN Limited announced that they will report Q3, 2022 results at 4:00 PM, US Eastern Standard Time on Nov 14, 2022 Annuncio • Sep 29
GAN Limited Launches B2B Sports Betting Technology & Managed Trading Services in U.S GAN Limited announced the successful launch of GAN Sports for Island View Casino in Gulfport, Mississippi on September 27, 2022. This announcement demonstrates the extensive capabilities of GAN Sports' in-house online and retail sports betting technology. It is the first of what the Company expects to be a robust cadence of GAN Sports launches throughout 2023. GAN Sports is a modern sportsbook technology platform based on the multiple COOLBET technology that has been adapted for the U.S. B2B market. On September 27, 2022, launch of retail sports betting across twenty Internet-connected kiosks will shortly be complemented by the Bet the V mobile sportsbook. This mobile solution is enabled by GAN's GameSTACK™ Player Account Management (PAM) system for omnichannel sports betting via retail kiosks or personal mobile devices while on-property. GAN will also provide marketing and customer services, delivering a complete end-to-end solution to maximize the client experience. In addition, statewide mobile sports betting and iGaming are incremental exclusive opportunities for GAN in partnership with Island View Casino Resort in Mississippi if supporting legislation emerges in the future. Reported Earnings • Aug 17
Second quarter 2022 earnings released: US$0.91 loss per share (vs US$0.09 loss in 2Q 2021) Second quarter 2022 results: US$0.91 loss per share (down from US$0.09 loss in 2Q 2021). Revenue: US$35.0m (up 1.8% from 2Q 2021). Net loss: US$38.3m (loss widened US$34.6m from 2Q 2021). Over the next year, revenue is forecast to grow 23%, compared to a 675% growth forecast for the Hospitality industry in Germany. Annuncio • Aug 17
GAN Limited Revises Earnings Guidance for the Year 2022 GAN Limited revised earnings guidance for the year 2022. The company revising full year revenue to between $142.5 million and $152.5 million. Annuncio • Jul 30
GAN Limited to Report Q2, 2022 Results on Aug 15, 2022 GAN Limited announced that they will report Q2, 2022 results After-Market on Aug 15, 2022 Annuncio • May 17
GAN Limited Reiterates Earnings Guidance for the Year 2022 GAN Limited reiterates earnings guidance for the year 2022. For the year, the company reiterating revenue expectation of $155 million to $165 million. Annuncio • May 02
GAN Limited, Annual General Meeting, Jun 13, 2022 GAN Limited, Annual General Meeting, Jun 13, 2022, at 10:00 Pacific Standard Time. Agenda: To consider the election of two nominees as class ii directors to hold office until the 2025 annual meeting of shareholders; to consider the appointment of Grant Thornton LLP as independent registered public accounting firm for the fiscal year ending December 31, 2022; and to consider other business that may properly come before the annual meeting. Annuncio • Apr 03
GAN Limited announced delayed annual 10-K filing On 04/01/2022, GAN Limited announced that they will be unable to file their next 10-K by the deadline required by the SEC. Annuncio • Mar 06
GAN Limited to Report Q4, 2021 Results on Mar 22, 2022 GAN Limited announced that they will report Q4, 2021 results After-Market on Mar 22, 2022 Annuncio • Dec 10
GAN Limited (NasdaqCM:GAN) acquired Silverback Gaming Limited. GAN Limited (NasdaqCM:GAN) acquired Silverback Gaming Limited on December 9, 2021.
GAN Limited (NasdaqCM:GAN) completed the acquisition of Silverback Gaming Limited on December 9, 2021. Annuncio • Dec 01
GAN Limited (NasdaqCM:GAN) announces an Equity Buyback for $5 million worth of its shares. GAN Limited (NasdaqCM:GAN) announces a share repurchase program. Under the program, the company will repurchase up to $5 million worth of its common stock.. The program will be financed from cash on hand and cash from operations. Repurchased shares will be returned to treasury for cancellation. The program is valid till May 31, 2022. Recent Insider Transactions • Nov 19
President recently sold €1.7m worth of stock On the 17th of November, Dermot Smurfit sold around 155k shares on-market at roughly €10.83 per share. This was the largest sale by an insider in the last 3 months. Dermot has been a seller over the last 12 months, reducing personal holdings by €2.0m. Reported Earnings • Nov 13
Third quarter 2021 earnings released: US$0.19 loss per share (vs US$0.14 loss in 3Q 2020) The company reported a solid third quarter result with improved revenues and control over costs, although losses increased. Third quarter 2021 results: Revenue: US$32.3m (up 214% from 3Q 2020). Net loss: US$7.92m (loss widened 94% from 3Q 2020). Recent Insider Transactions • Aug 26
President recently bought €214k worth of stock On the 19th of August, Dermot Smurfit bought around 18k shares on-market at roughly €11.85 per share. This was the largest purchase by an insider in the last 3 months. This was Dermot's only on-market trade for the last 12 months. Annuncio • Aug 19
GAN Limited Reiterates Revenue Guidance for the Full Year 2021 GAN Limited reiterated revenue guidance for the full year 2021. For the year, the company reiterates revenue guidance of $125 million to $135 million. Reported Earnings • Aug 18
Second quarter 2021 earnings released: US$0.065 loss per share (vs US$0.33 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: US$34.6m (up 316% from 2Q 2020). Net loss: US$2.73m (loss narrowed 69% from 2Q 2020).