GAN extends Sega Sammy merger deadline
Software supplier GAN has announced that the date of its planned merger with Japanese gaming conglomerate Sega Sammy has been extended to May 31.
The end date was revised from February 7, 2025 to May 31, 2025, and is the date on which a non-breaching party can elect to terminate the merger agreement, if closing has not yet occurred.
GAN and Sega Sammy have amended the merger agreement to give them additional time to secure the necessary approvals from gaming regulatory bodies.
Sega Sammy is a company formed following a merger between video game and software developer Sega and pachinko machine developer Sammy.
If the merger is completed, GAN will cease to be a publicly traded company, with its ordinary shares delisted from the Nasdaq Capital Market and registered under the Securities Exchange Act of 1934.
Each ordinary share in GAN issued immediately before the date of the merger will be canceled and converted into the right to receive $1.97 in cash.
GAN Chief Executive Officer, Seamus McGill, said, “The parties continue to respond to regulatory requests. This process takes time, but we are making great progress and working with Sega Sammy in anticipation of a successful closing.”
The deal was agreed upon in 2024, and the Nevada Gaming Control Board gave unanimous approval in September.
Sega Sammy recently transferred its shares in Paradise Sega Sammy in South Korea to its subsidiary Sega Sammy Creation as it prepares for the merger.
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