GAN Limited (NASDAQ:GAN) is a leading business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the US land-based casino industry, offering igaming and sports betting platform services.
  • Relationship commenced in July 2016 with a goal of increasing the London-based Company’s exposure to U.S. investors.
  • The stock was trading on the London Stock Exchange AIM market at approximately 0.29GBP (approximately USD$0.38) per share, with a market cap of roughly USD$27.3 million.
  • The Company had no US research coverage and two US-based institutional holders.
  • Their shares largely traded by UK-based retail traders on macro-economic news in Britain.
Our Role
  • Created and implemented a strategic investor communications program focused on developing an IR message that succinctly explained the investment opportunity, and on making introductions to buy-side funds and investors in the US.
  • Created a new investor presentation and developed a wide array of news releases that not only announced various corporate developments but placed them in the proper context of the Company’s long-term strategic vision.
  • Developed and managed a proactive investor/analyst outreach program, including numerous 1x1 meetings and calls. Organized non-deal roadshows in cities across the US and the UK, and secured invitations to an array of investor conferences.
  • Worked with management through several financings; various investors to whom we had previously introduced GAN participated.
  • Drove/managed quarterly earnings events, including drafting the news release/script/deck, prepping management for Q&A, and post-call follow-up.
  • Placed CEO on major media outlets such as Bloomberg, Fox Business News, Forbes, The Financial Times, The Wall Street Journal, and the Los Angeles Times (in addition to many others).
  • After several years of hard work, GAN relisted its shares on the NASDAQ (from the LSE AIM) and completed a successful, and completely virtual, $62 million IPO in May 2020, amidst the global COVID-19 pandemic. B. Riley FBR acted as sole bookrunner, and Macquarie Capital acted as lead manager with Craig-Hallum Capital Group as co-manager. Several investor participants were originally introduced to the Company through our earlier IR efforts. To commemorate the IPO, we led the coordination of a virtual NASDAQ bell-ringing event and associated media interviews (Fox Business News, TD Ameritrade Network).
  • Stock price exceeded $20.00, and market cap topped $600 million in July 2020.
  • Northland Capital Markets initiated research coverage of the Company in July 2020, in addition to coverage from the IPO underwriters, B. Riley FBR and Macquarie.