The completion of GAN’s merger with Sega Sammy Creation (SSC), a division of Sega Sammy Holdings, has progressed one step closer. The merger received permission from the Nevada Gaming Commission (NGC) recently, which is a significant step forward for the agreement. Even though it still needs more governmental permits, the merger is anticipated to be completed by late 2024 or early 2025.
Merger Details and Regulatory Hurdles
Even though the NGC’s approval is a noteworthy accomplishment, there are still a few usual closure requirements that need to be met, such as getting approvals from further gaming authorities. Upon completion of the merger, each common share of GAN will immediately be exchanged into $1.97 in cash. There will be no interest added to this payment, and it will be subject to any applicable withholding taxes.
GAN will undergo significant changes as a result of the merger since it will no longer be listed on a public exchange. The firm will no longer be registered under the Securities Exchange Act of 1934, and its shares will be delisted from the Nasdaq Capital Market. The company will embark on a new phase with its complete integration with Sega Sammy.
Brian Chang, who was named permanent CFO at GAN earlier this year, has played a central role in driving this merger. His leadership in navigating the financial complexities has earned him strong support from GAN’s leadership. David Goldberg, GAN’s Chairman, praised Chang’s work, saying, “Brian has proven his financial acumen having served as our interim CFO, and he has the full backing of the board of directors.”
Goldberg also emphasized his confidence in Chang’s ability to guide GAN through the final stages of the merger, stating, “Brian’s proven leadership and strong knowledge of accounting leave us confident he is the right person to guide us to a successful close of our merger with Sega Sammy.”
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