Form 4: GAN Ltd. Director Sells Shares as Company Completes Merger with SEGA Sammy Creation Subsidiary

GAN Ltd. Director Eric J. Green disposed of all his ordinary shares as the company completed its merger with Arc Bermuda Limited, a subsidiary of SEGA Sammy Creation Inc., with shares converted to $1.97 cash.

Summary

• Eric J. Green, a Director of GAN Ltd., reported the disposal of 153,089 ordinary shares.
• The transaction occurred on May 27, 2025, at a price of $1.97 per share.
• This disposal was a direct result of the closing of the merger between GAN Limited and Arc Bermuda Limited, a wholly-owned subsidiary of SEGA Sammy Creation Inc.
• Each outstanding ordinary share of GAN was converted into the right to receive $1.97 in cash, without interest and less any applicable tax withholding.
• Following this transaction, Eric J. Green beneficially owns 0 shares of GAN Ltd.

Sentiment

Score: 7

Explanation: The sentiment is positive for the reporting person as they successfully exited their position at a pre-determined price due to a merger. For the company, it signifies the successful completion of a strategic transaction, albeit its cessation as an independent entity.

Positives

• The merger successfully closed, providing a clear exit for shareholders at the agreed-upon price of $1.97 per share.
• The reporting person, Eric J. Green, successfully monetized his entire holding of 153,089 shares.

Negatives

• GAN Limited has ceased to exist as an independent publicly traded entity, having merged into Arc Bermuda Limited.
• Former shareholders no longer hold equity in GAN Limited.

Future Outlook

The document indicates the completion of the merger, resulting in GAN Limited ceasing to exist as an independent entity. There are no forward-looking statements regarding the future operations of the combined entity or the former GAN business.

Industry Context

This transaction represents a consolidation within the iGaming and gaming technology sector, with SEGA Sammy Creation Inc. acquiring GAN Limited. Such mergers are common as larger entities seek to expand their technological capabilities or market share in competitive industries.

Stakeholder Impact

• Shareholders: Former shareholders of GAN Limited received $1.97 in cash per share, concluding their investment in the company.
• Employees: The merger's impact on employees of GAN Limited is not detailed, but typically involves integration into the acquiring entity.
• Customers/Suppliers: The business operations of GAN Limited are now part of SEGA Sammy Creation Inc.'s subsidiary, potentially affecting existing customer and supplier relationships through integration.

Next Steps

• GAN Limited has merged with and into Arc Bermuda Limited and ceased to exist as an independent public company.

Key Dates

Keywords

GAN Ltd, GAN, SEGA Sammy Creation Inc, Arc Bermuda Limited, Merger, Acquisition, Form 4, Insider Trading, Share Disposal, Director Transaction, Gaming Technology, iGaming