{"schema_version":"secwatch.filing_event.v1","accession":"0001641172-25-012422","form_type":"8-K","ticker":null,"cik":"0001799332","company_name":"GAN Ltd","filed_at":"2025-05-27T23:59:59+00:00","discovered_at":"2026-05-14T18:02:49.761751+00:00","generated_at":"2026-05-20T11:07:13.198462+00:00","sec_items":["2.01","3.01","3.03","5.03","5.01","5.02","7.01","9.01"],"event_type":"m_and_a","sentiment":"neutral","materiality_score":0.9,"calibrated_materiality_score":0.9,"confidence":"high","headline":"SEGA SAMMY affiliate completes acquisition of GAN for $1.97 per share; stock delisted","bullets":["SEGA SAMMY CREATION INC. completes acquisition of GAN at $1.97 per share in cash.","Consideration represents a premium of over 121% to GAN's Nov 7, 2023 closing price.","All outstanding shares, restricted shares, RSUs, and options converted to cash or cancelled.","GAN ordinary shares cease trading on Nasdaq effective May 27, 2025.","All directors resigned; Naoki Kameda appointed as sole director."],"urls":{"canonical":"https://secwatch.observer/filing/0001641172-25-012422","json":"https://secwatch.observer/filing/0001641172-25-012422.json","markdown":"https://secwatch.observer/filing/0001641172-25-012422.md","text":"https://secwatch.observer/filing/0001641172-25-012422.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1799332/000164117225012422/0001641172-25-012422-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1799332/000164117225012422/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-20T11:07:13.198462+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"07d72afb61","claim":"Eric Green resigned as Director at GAN Ltd.","evidence_excerpt":"each of the directors of the Company (Seamus McGill, Susan Bracey, David Goldberg, Eric Green and David Ross) resigned as directors of the Company.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1799332/000164117225012422/0001641172-25-012422-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"resigned"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"31df4df436","claim":"Naoki Kameda was appointed as Sole Director at GAN Ltd.","evidence_excerpt":"Naoki Kameda became the sole director of the Company.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1799332/000164117225012422/0001641172-25-012422-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"Sole Director"}],"fact_type":"executive_change"},{"claim_id":"5979f118d4","claim":"David Ross resigned as Director at GAN Ltd.","evidence_excerpt":"each of the directors of the Company (Seamus McGill, Susan Bracey, David Goldberg, Eric Green and David Ross) resigned as directors of the Company.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1799332/000164117225012422/0001641172-25-012422-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"resigned"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"7b6d283ed4","claim":"Seamus McGill resigned as Director at GAN Ltd.","evidence_excerpt":"each of the directors of the Company (Seamus McGill, Susan Bracey, David Goldberg, Eric Green and David Ross) resigned as directors of the Company.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1799332/000164117225012422/0001641172-25-012422-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"resigned"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"88b97a9881","claim":"David Goldberg resigned as Director at GAN Ltd.","evidence_excerpt":"each of the directors of the Company (Seamus McGill, Susan Bracey, David Goldberg, Eric Green and David Ross) resigned as directors of the Company.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1799332/000164117225012422/0001641172-25-012422-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"resigned"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"cf93137009","claim":"Susan Bracey resigned as Director at GAN Ltd.","evidence_excerpt":"each of the directors of the Company (Seamus McGill, Susan Bracey, David Goldberg, Eric Green and David Ross) resigned as directors of the Company.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1799332/000164117225012422/0001641172-25-012422-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"resigned"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"d316b623020af05b7dd75ebd65993738f18c0eff","claim":"GAN Ltd: At the Effective Time, the memorandum of association and bye-laws of Merger Sub became the memorandum of association and bye-laws of the Company.","evidence_excerpt":"Pursuant to the terms of the Merger Agreement, at the Effective Time, the memorandum of association and bye-laws of Merger Sub became the memorandum of association and bye-laws of the Company.","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1799332/000164117225012422/0001641172-25-012422-index.htm","confidence":0.9,"family_label":"Governance Changes","details":[{"label":"Change","value":"charter amendment"}],"fact_type":"governance_change"},{"claim_id":"b833ae0d31bd18183dfa9549996cdec88c4837df","claim":"GAN Ltd underwent a change of control involving SEGA SAMMY CREATION INC. for $1.97 per share (closed 2025-05-27).","evidence_excerpt":"the Company as a treasury share or by any person who properly asserts dissenters’ rights under Bermuda law) was converted into the right to receive an amount in cash equal to $1.97 per share, without interest and subject to any applicable tax withholding (the “ Merger Consideration ”); ● each of the Company’s outstanding restricted shares (whether vested","evidence_source":"SEC 8-K Item 2.01/5.01","evidence_url":"https://www.sec.gov/Archives/edgar/data/1799332/000164117225012422/0001641172-25-012422-index.htm","confidence":0.9,"family_label":"M&A Transactions","details":[{"label":"Action","value":"change of control"},{"label":"Counterparty","value":"SEGA SAMMY CREATION INC."},{"label":"Consideration","value":"$1.97 per share"},{"label":"Closing","value":"2025-05-27"}],"fact_type":"ma_transaction"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}