Benzinga | Dec 14, 2020 08:01AM EST

GAN Announces Launch Of 5.2M Share Follow-On Public Offering

GAN Limited (the "Company" or "GAN") (NASDAQ:GAN), a leading business-to-business supplier of internet gaming software-as-a-service solutions primarily to the U.S. land-based casino industry, today announced the launch of its follow-on public offering of 5,200,000 ordinary shares pursuant to a registration statement filed with the Securities and Exchange Commission ("SEC"). 4,816,500 shares are proposed to be sold in the offering by GAN, and 383,500 shares are proposed to be sold in the offering by selling shareholders. GAN expects to grant the underwriter of the offering a 30-day option to purchase up to an additional 780,000 ordinary shares to cover over-allotments at the public offering price less the underwriting discounts and commissions.

GAN intends to use the net proceeds from this offering to fund the cash portion of the purchase price payable to the shareholders of Vincent Group p.l.c. ("Coolbet") pursuant to the previously announced Share Exchange Agreement (and subject to the terms and conditions thereof), and if any remaining for working capital and general corporate purposes, including sales and marketing activities, product development and capital expenditures.

B. Riley Securities is acting as the sole book-running manager for the offering.