The $149m deal for the operator, which is active in Estonia, Malta and Sweden, was announced in November, with GAN saying at the time that it would be funded through a combination of cash and stock.
It will now look to raise cash the cash portion of the purchase price by selling a maximum of 6,238,658 shares of common stock, priced at $15.50 per share.
This will see 5,855,158 shares sold by GAN, with a further 383,500 to be sold by the business’ shareholders. This is expected to generate gross proceeds of $90.8m for the business.
B. Riley Securities, which is acting as the sole book-running manager for the offering, will have the option to sell a further 935,798 ordinary share to cover over-allotments, at the public offering price minus underwriting discounts and commissions. If this is all sold, it will take the total raised to $105.3m.
The offering is expected to close on December 21, subject to customary closing conditions.