The Nevada Gaming Commission has approved the sale of GAN to Sega Sammy, bringing the deal one step closer to completion.
The $107.6 million acquisition bid was first announced in November 2023, with shareholders at GAN approving the offer at a special general meeting in February 2024.
The transaction is expected to complete in late 2024 or early 2025.
Following closing, each ordinary GAN share will be automatically cancelled and converted into the right to receive $1.97 in cash without interest and less applicable withholding taxes.
GAN will cease to be a publicly traded company and its ordinary shares will be delisted from the Nasdaq Capital Market.
Shares in GAN Ltd. (NASDAQ:GAN) closed 1.10 per cent higher at $1.83 per share in New York Thursday, while shares in Sega Sammy Holdings Inc (JPX:6460) were down 2.32 per cent in Tokyo Friday at ¥2,984.00 per share.