GAN proposed subscription to support U.S. growth
News on 21 May 2018
News on 21 May 2018
iGaming B2B provider GAN has proposed an equity subscription of GBP 7.5 million to U.S. investors which it will use to support U.S. growth following the most recent legislatory developments (see previous reports).
GAN intends using the net proceeds to increase software engineering resources which support existing US clients and the future launch of new US clients and services in the market.
In addition, the company will strengthen its balance sheet by settling in full the GBP 2,001,483 – 9 percent Convertible Unsecured Loan Notes 2022 issued by GAN in April 2017.
The proposed Subscription is subject to shareholder approval at GAN’s upcoming General Meeting and the admission of the Subscription Shares to trading on AIM and the ESM.
