Gainsco (GAN) Prices 6.38M Share Upsized IPO at $8.50/Sh

GAN Limited (NASDAQ: GAN) today announced the pricing of its upsized initial public offering of 6,380,000 ordinary shares at a price to the public of $8.50 per share. All of the ordinary shares are being offered by GAN. In addition, GAN has granted the underwriters a 30-day option to purchase up to 957,000 additional ordinary shares at the initial public offering price, less the underwriting discounts and commissions. GAN has received approval to list its ordinary shares on The Nasdaq Capital Market, with trading expected to begin on May 5, 2020 under the symbol “GAN.”

Prior to this offering, the ordinary shares of GAN plc have traded on AIM, a market operated by the London Stock Exchange plc (“AIM”). As of May 5, 2020, the trading of shares on AIM has been suspended in preparation for delisting on May 6, 2020. In connection with this offering, GAN will affect a reorganization and share exchange in which GAN plc will become a wholly-owned subsidiary of GAN Limited, the ordinary shares of GAN plc will no longer trade on AIM, and the former shareholders of GAN plc will receive one ordinary share of GAN Limited for every four ordinary shares of GAN plc and an aggregate of £2 million in cash.

The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by GAN, are expected to be approximately $54.2 million, excluding any exercise of the underwriters’ option to purchase additional ordinary shares. The offering is expected to close on May 7, 2020, subject to the satisfaction of customary closing conditions. GAN intends to use the net proceeds from this offering for working capital and general corporate purposes, including sales and marketing activities, product development and capital expenditures.

The offering is being made through an underwriting group led by B. Riley FBR, who is acting as sole bookrunner, Macquarie Capital, who is acting as lead manager, and Craig-Hallum Capital Group who is acting as a co-manager.

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