GAN Edges Closer to NASDAQ Listing

The gambling software provider GAN has taken a major step towards listing on the NASDAQ stock exchange.

The firm said that it had filed with UK authorities to shift its stock listing from London to New York. As part of these arrangements, GAN said it intends to consolidate existing shares on a 4-for-1 basis in a new Bermuda-based holding company.

GAN said the shareholders also would receive 2.32 pence (2.67 euro cents) per exchanged UK share as the firm moves from the AIM stock exchange in London. It said its new NASDAQ-listed shares and all future financial documents would be denominated in US dollars.

GAN’s shares jumped by more than 14pc on the news to 164 pence, giving the firm a market value of £140m. Pending completion of the plan, Gan said its shares would keep trading on AIM.

GAN on January 31 filed with the US Securities and Exchange Commission to apply to NASDAQ but did not reveal details of its planned share swap and consolidation or other details at the time.