Industry News

GAN Edges Closer to NASDAQ Listing

Published

6 years ago

March 5, 2020

Niji Narayan

Reading Time: < 1 minute

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.

Related Topics:AIM stock exchange in London GAN NASDAQ stock exchange NASDAQ-listed shares US Securities and Exchange Commission

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.