Shareholders at GAN have approved of the merger between GAN and Sega Sammy.
Sega Sammy Creation is a wholly owned subsidiary of Sega Sammy Holdings, which develops, manufactures and distributes land-based casino products and software.
The meeting with shareholders was held on 13 February 2024, in which 95% of the votes were in favour of the merger.
Just before Christmas, GAN announced changes to the Board of Directors ahead of further merger discussions.
A final result will be published in a Form 8-K file with the US Securities and Exchange Commission (SEC), which is used to announce major events within a company that affect shareholders.
Also in the meeting, shareholders approved that compensation can be paid to GAN’s executive officers as part of the merger.
The merger is expected to close either at the end of the year or early 2025 at the latest. This is all subject to the approval and conditions set by gaming authorities.
If successful, GAN will cease to be a publicly traded company and its ordinary shares will be delisted from Nasdaq and deregistered.
Each GAN ordinary share will be cancelled on the end of the holder and converted into the right to receive $1.97 in cash.
GAN was founded in 2002 and has been listed on the London Stock Exchange since 2013.
Since launching over two decades ago, GAN has held six international offices and received 25 jurisdiction licences.
