Latest news with #GAN
Business Wire
4 hours ago
- Business
- Business Wire
SEGA SAMMY Completes Acquisition of GAN Limited
LAS VEGAS--(BUSINESS WIRE)--GAN Limited (the 'Company' or 'GAN') (NASDAQ: GAN), a leading North American B2B technology provider of real money internet gaming solutions and a leading International B2C operator of Internet sports betting, today announced that it has completed its merger with an affiliate of SEGA SAMMY HOLDINGS INC. ('SEGA SAMMY'). SEGA SAMMY through its affiliated entity SEGA SAMMY CREATION INC. ('SSC') acquired all of the outstanding securities of GAN for $1.97 per share in cash, which represents a premium of over 121% to GAN's closing stock price on November 7, 2023 (the trading day prior to the announcement that GAN entered into a merger agreement with SSC). GAN's ordinary shares will cease to be traded on the NASDAQ Global Stock Market effective as of the close of trading today. Seamus McGill, GAN's Chief Executive Officer, said, 'Our acquisition by SSC is an exciting next step for GAN and the culmination of many years of hard work to deliver an unparalleled and unique gaming experience for our clients and players. GAN's board of directors carefully evaluated a range of options to maximize shareholder value, and SSC's recognition of the value of our assets and people leaves us confident that this transaction is in the best interest of our shareholders and provides a home for our assets to flourish. We look forward to seeing the company continuing to grow with the guidance of a global gaming and entertainment leader.' Koichi Fukazawa, Senior Executive Vice President and Group CFO of SEGA SAMMY, stated 'We are excited to be bringing the GAN team onboard. The team brings significant experience in the U.S. market, along with significant technical and development resources. This marks a new chapter in SEGA SAMMY's operations, and we look forward to serving our customers with increased product offerings and resources'. B. Riley Securities, Inc. served as financial advisor to GAN's Special Committee and Board of Directors and Sheppard Mullin Richter & Hampton LLP is served as legal counsel to GAN. SMBC Nikko Securities served as SEGA SAMMY's financial advisor and Greenberg Traurig acted as SEGA SAMMY's legal counsel. About GAN GAN is a leading business-to-business supplier of internet gaming software-as-a-service solutions predominantly to the U.S. land-based casino industry. Coolbet, a division of GAN, is a market-leading operator of proprietary online sports betting technology with market leadership positions in select European and Latin American markets. GAN has developed a proprietary internet gaming enterprise software system, GameSTACK™, which it licenses to land-based casino operators as a turnkey technology solution for regulated real money internet gaming, encompassing internet gaming, internet sports gaming, and virtual Simulated Gaming. Additional information about GAN can be found online at About SEGA SAMMY SEGA SAMMY is the holding company of the SEGA SAMMY Group, a group of companies comprising the Entertainment Contents Business, which offers a diversity of fun through consumer and arcade game content, toys and animation; the Pachislot and Pachinko Machines Business, which conducts everything from development to sales of Pachinko/Pachislot machines; and the Gaming Business, which operates integrated resorts and develops casino gaming products and software. SSC is a wholly-owned subsidiary of SEGA SAMMY. SSC, together with its wholly-owned subsidiary SEGA SAMMY CREATION USA Inc., develop, manufacture and distribute land-based and online/social casino gaming products and software. Forward-Looking Statements This press release contains 'forward looking statements' regarding the closing of the merger and the expected timing thereof and other future related events. Such statements are based upon current estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Factors that could cause actual events to differ include, but are not limited to the failure to satisfy the closing conditions to the merger, including obtaining the approval of the merger and change in control of GAN by certain gaming authorities and other risks detailed in GAN's filings with the SEC, including its proxy statement filed with the SEC on January 9, 2024. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. GAN undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
Business Wire
19-05-2025
- Business
- Business Wire
SEGA SAMMY Nears Completion of Regulatory Approvals to Acquire GAN
LAS VEGAS--(BUSINESS WIRE)--GAN Limited (the 'Company' or 'GAN') (NASDAQ: GAN), a leading North American B2B technology provider of real money internet gaming solutions and a leading International B2C operator of Internet sports betting, today announced that SEGA SAMMY HOLDINGS INC. ('SEGA SAMMY HOLDINGS') through its affiliated entity SEGA SAMMY CREATION INC. ('SSC') is nearing completion of procurement of all gaming regulatory approvals necessary to complete its planned acquisition of GAN. GAN and SSC are parties to an Agreement and Plan of Merger dated November 7, 2023 (the 'Merger Agreement') pursuant to which GAN would merge into and become a wholly owned subsidiary of SSC (the 'Merger'). The closing of the Merger is expected to occur on or about May 27, 2025. The closing remains subject to final gaming regulatory approvals and satisfaction of conditions to closing set out in the Merger Agreement. If the Merger is completed, each ordinary share of GAN issued and outstanding immediately prior to the effective time of the Merger will be cancelled and converted into the right to receive $1.97 in cash, without interest and less applicable withholding taxes. If the Merger is completed, GAN will cease to be a publicly traded company. About GAN GAN is a leading business-to-business supplier of internet gaming software-as-a-service solutions predominantly to the U.S. land-based casino industry. Coolbet, a division of GAN, is a market-leading operator of proprietary online sports betting technology with market leadership positions in select European and Latin American markets. GAN has developed a proprietary internet gaming enterprise software system, GameSTACK™, which it licenses to land-based casino operators as a turnkey technology solution for regulated real money internet gaming, encompassing internet gaming, internet sports gaming, and virtual Simulated Gaming. Additional information about GAN can be found online at About SEGA SAMMY HOLDINGS SEGA SAMMY HOLDINGS is the holding company of the SEGA SAMMY Group, a group of companies comprising the Entertainment Contents Business, which offers a diversity of fun through consumer and arcade game content, toys and animation; the Pachislot and Pachinko Machines Business, which conducts everything from development to sales of Pachinko/Pachislot machines; and the Gaming Business, which operates integrated resorts and develops casino gaming products and software. SSC is a wholly-owned subsidiary of SEGA SAMMY HOLDINGS. SSC, together with its wholly-owned subsidiary SEGA SAMMY CREATION USA Inc., develop, manufacture and distribute land-based and online/social casino gaming products and software. Forward-Looking Statements This press release contains 'forward looking statements' regarding the closing of the merger and the expected timing thereof and other future related events. Such statements are based upon current estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Factors that could cause actual events to differ include, but are not limited to the failure to satisfy the closing conditions to the merger, and other risks detailed in GAN's filings with the SEC, including its proxy statement filed with the SEC on January 9, 2024. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. GAN undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
Business Wire
09-05-2025
- Business
- Business Wire
GAN Reports First Quarter 2025 Financial Results
LAS VEGAS--(BUSINESS WIRE)--GAN Limited (NASDAQ: GAN) (the 'Company' or 'GAN'), a leading North American B2B technology provider of real money internet gaming solutions and a leading International B2C operator of Internet sports betting, today reported its unaudited financial results for the first quarter ended March 31, 2025. GAN ' s Chief Executive Officer, said, ' I ' m pleased with the continued progress during the first quarter as we continue to execute on our business plan while refining our cost structure. Our B2C results were particularly strong and underscore the strength of our market position in European and Latin American markets. We are nearing the conclusion of the regulatory requirements to close our merger with Sega Sammy, which we expect to be successfully completed in the second quarter of 2025.' First Quarter 2025 Compared to First Quarter 2024 Total revenue of $29.4 million decreased 4%, primarily attributable to a decrease in the B2B segment. B2B segment revenue was $5.1 million versus $12.3 million. The decrease was primarily attributable to the expiration of a multistate B2B commercial contract. B2C segment revenue was $24.3 million versus $18.3 million. The increase was driven by growth in both Europe and Latin America. Operating expenses were $23.7 million versus $24.6 million. The decrease was primarily attributable to the Company's overall reduction of compensation costs and reduced headcount realized as part of ongoing cost saving initiatives. Net loss of $6.8 million versus $4.2 million. The increase was primarily related to lower B2B revenues partly offset by higher B2C segment contribution and lower operating expenses driven by cost savings initiatives. Total segment contribution was $18.7 million versus $21.3 million, as growth in the B2C segment was offset by a decrease in the B2B segment. Adjusted EBITDA was $(1.5) million versus $(0.6) million. The decrease was primarily related to the aforementioned factors impacting net loss. Cash was $39.9 million as of March 31, 2025, versus $38.7 million as of December 31, 2024. The increase was due to favorable changes in working capital. B2C Active Customers increased primarily driven by higher customer activity in Latin America and Europe. B2B Gross Operator Revenue totaled $144.6 million versus $632.0 million in the prior year quarter. The decrease was primarily driven by the expiration of a multistate B2B commercial contract. SEGASAMMY Transaction The merger has been approved by GAN shareholders at a special general meeting of its shareholders, has received clearance from the Committee on Foreign Investment in the U.S. (CFIUS) and received approval from several gaming regulatory agencies including the Nevada Gaming Commission. The closing of the merger remains subject to remaining regulatory requirements and other customary closing conditions and anticipates the closing of the Merger will occur in the second quarter of 2025. Conference Call Details Due to the expected merger of the Company with SEGASAMMY, GAN will not be hosting a conference call in conjunction with its first quarter 2025 earnings release. About GAN Limited GAN is a leading business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the U.S. land-based casino industry and is a market-leading business-to-consumer operator of proprietary online sports betting technology internationally with market leadership positions in selected European and Latin American markets. In its B2B segment, GAN has developed a proprietary internet gambling enterprise software system, GameSTACK, which it licenses to land-based U.S. casino operators as a turnkey technology solution for regulated real money internet gambling, encompassing internet gaming, internet sports betting and social casino gaming branded as Simulated Gaming. Forward-Looking Statements This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the Company's anticipated trends in revenues (including new customer launches) and operating expenses, the anticipated improvement in profitability, expectations that it will meet all closing conditions or successfully close its planned merger with SEGASAMMY, as well as statements that include the words 'expect,' 'intend,' 'plan,' 'believe,' 'project,' 'forecast,' 'estimate,' 'may,' 'should,' 'anticipate' and similar statements of a future or forward-looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements including those risks detailed under 'Risk Factors' in our Annual Report on Form 10-K and subsequent periodic reports. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law. Key Performance Indicators and Non-GAAP Financial Measures This release uses certain non-GAAP financial measures as defined in Securities and Exchange Commission rules. The Company reports financial results in accordance with accounting principles generally accepted in the United States of America ('U.S. GAAP') and also communicates with investors using certain non-GAAP financial measures. These non-GAAP financial measures are not in accordance with, nor are they a substitute for or superior to, the comparable U.S. GAAP financial measures. These non-GAAP financial measures are intended to supplement the presentation of the Company's financial results that are prepared in accordance with U.S. GAAP. (1) The Company excludes depreciation and amortization in certain segment calculations. (2) The Company defines B2B Gross Operator Revenue as the sum of its B2B corporate customers' gross revenue from virtual simulated gaming (SIM), gross gaming revenue from RMiG, and gross sports wins from sportsbook offerings. B2B Gross Operator Revenue, which is not comparable to financial information presented in conformity with U.S. GAAP, gives management and users of our financial statements an indication of the extent of transactions processed through the Company's B2B corporate customers' platforms and allows management to understand the extent of activity that the Company's platform is processing. (3) The Company defines B2B Take Rate as a quotient of B2B segment revenue retained by the Company over the total Gross Operator Revenue generated by our B2B corporate customers. The B2B Take Rate gives management and users of our financial statements an indication of the impact of the statutory terms and the efficiency of the commercial terms on the business. (4) The Company defines B2C Active Customers as a user that places a wager during the period. This metric allows management to monitor the customer segmentation, growth drivers, and ultimately creates opportunities to identify and add value to the user experience. This metric allows management and users of the financial statements to measure the platform traffic and track related trends. (5) The Company defines B2C Marketing Spend Ratio as the total B2C direct marketing expense for the period divided by the total B2C revenues. This metric allows management to measure the success of marketing costs during a given period. Additionally, this metric allows management to compare across jurisdictions and other subsets, as an additional indication of return on marketing investment. (6) The Company defines B2C Sports Margin as the ratio of wagers minus winnings to total amount wagered, adjusted for open wagers at period end. Sports betting involves a user placing a bet on the outcome of a sporting event with the chance to win a pre-determined amount, often referred to as fixed odds. Our B2C sportsbook revenue is generated by setting odds that are intended to provide a built-in theoretical margin in each sports bet offered to our users. This metric allows management to measure sportsbook performance against its expected outcome. (7) Management uses the non-GAAP measure of Adjusted EBITDA to measure its financial performance. Specifically, it uses Adjusted EBITDA (i) as a measure to compare its operating performance from period to period, as it removes the effect of items not directly resulting from core operations, and (ii) as a means of assessing its core business performance against others in the industry, because it eliminates some of the effects that are generated by differences in capital structure, depreciation, tax effects and unusual and infrequent events. The Company defines Adjusted EBITDA as net loss before interest expense (income), net, income tax expense (benefit), depreciation and amortization, impairments, extraordinary gains or losses, share-based compensation expense and related expense, transaction costs, and other items which the Board of Directors considers to be infrequent or unusual in nature. A reconciliation of Adjusted EBITDA to Net Income (the most closely aligned measure under U.S. GAAP) is included in the tables at the end of this release. The presentation of Adjusted EBITDA is not intended to be used in isolation or as a substitute for any measure prepared in accordance with U.S. GAAP and Adjusted EBITDA may exclude financial information that some investors may consider important in evaluating the Company's performance. Because Adjusted EBITDA is not a U.S. GAAP measure, the way the Company defines Adjusted EBITDA may not be comparable to similarly titled measures used by other companies in the industry. GAN Limited Revenue by Geography (Unaudited) (in thousands) Three Months Ended March 31, 2025 March 31, 2024 Revenue by geography * United States $ 4,735 $ 9,092 Europe 15,466 11,604 Latin America 8,414 6,896 Rest of the world 751 3,059 Total $ 29,366 $ 30,651 * Revenue is segmented based on the location of the Company's customer. Expand GAN Limited Adjusted EBITDA (Unaudited) (in thousands) Three Months Ended March 31, 2025 March 31, 2024 Net loss $ (6,828 ) $ (4,160 ) Income tax (benefit) expense 565 (249 ) Interest expense, net 1,212 1,132 Depreciation and amortization 2,013 1,839 Share-based compensation and related expense 752 869 Credit reserve on PSP 753 — Transaction related costs 22 — Adjusted EBITDA $ (1,511 ) $ (569 ) Expand
Time of India
05-05-2025
- Health
- Time of India
Asthma can cause permanent lung damage if untreated: Docs
Ranchi: Asthma is a complex and heterogeneous condition often misunderstood as a simple breathing disorder , medical experts said and advised the public to prioritise awareness, early diagnosis and access to quality treatment for the disease. Speaking on the theme 'Make Inhaled Treatments Accessible for ALL' on the eve of World Asthma Day, co-founder of a respiratory clinic, Dr Swati Behera Sharan, said, "Asthma is not just a respiratory issue. It is a chronic inflammatory disease and if left undiagnosed or untreated, it may cause permanent lung damage . Inhaled corticosteroids are life-saving and non-addictive drugs for the treatment of asthma and yet the drug is still underutilised in many regions." According to the Global Asthma Network (GAN) and the International Study of Asthma and Allergies in Childhood (2022) data, the prevalence of wheezing, a primary asthma symptom, is 3.16% among children aged 6–7 years, 3.63% in the 13–14 age group, and 3.30% in adults. Alarmingly, up to 82% of wheezing cases and 70% of severe asthma patients remain undiagnosed. Globally, asthma affects 334 million people, causing over 345,736 deaths annually or one in every 150 deaths, according to the Global Asthma Report 2024. In Jharkhand, rural areas report a rate of 382 per lakh population affected by asthma, while urban regions show a higher prevalence of 509 per lakh population. Dr Debdatta Bandopadhyay, a respiratory and chest disease specialist, said, "Inhalers are highly effective because they deliver medicine directly to the lungs, ensuring faster relief. Unfortunately, many patients either misuse inhalers or avoid them altogether due to social misconceptions.." Common causes and risk factors include genetics, allergies, environmental pollution, early childhood respiratory infections, workplace irritants and sudden changes in temperature or cold weather. Dr Tejveer, the associate consultant of respiratory and sleep medicine at Medanta Hospital, "Early treatment and controlled management are key. Infections can be particularly dangerous for uncontrolled asthma cases. Regular medication, exercise and yoga play a significant role in improving outcomes." "Every day, we see patients who've struggled for years without knowing they have asthma. Early intervention is critical," said Dr Nirupam Sharan, the co-director of The Happy Lungs.
