Shareholders of online gambling technology company GAN have given their approval to see the company delisted from the Euronext Growth trading platform. GAN has been floated on the exchange since November 2013, but will be removed as of 7 AM local time this Wednesday. The move comes as the company has seen no trading of its stock on the Dublin-based platform.
According to The Times media outlet in the UK, GAN shareholders held their annual meeting in London last week, approving the suggestion that the company be delisted. Dermoot Smurfit, GAN’s CEO, explained that there was “no trading going on” and that staying on the market was a “waste of time and energy and administrative overhead.”
There may be more to the decision than that, however. A few months ago, it was announced that the company could possibly be looking to sell the business, or that it could be considering a listing on a stock exchange in the US.
GAN has been around since 2002. It creates and distributes Internet gaming and betting services, software and content to business-to-business customers in the US and across Europe, and has seen revenue growth of over 100% since the US Supreme Court defeated the Professional and Amateur Sports Protection Act of 1992 (PASPA) in May of last year. In absence of any interest on the Ireland-based exchange, and huge potential in the US and other recently opened markets in Europe, a move to another exchange would be strategically advantageous.