GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading business-to-business supplier of internet gaming software-as-a-service solutions primarily to the U.S. land-based casino industry, today announced the pricing of its upsized follow-on underwritten public offering of 6,238,658 shares of its common stock at a price to the public of $15.50 per share. 5,855,158 shares are being sold in the offering by GAN, and 383,500 shares are being sold in the offering by selling shareholders. GAN has granted the underwriter of the offering a 30-day option to purchase up to an additional 935,798 ordinary shares to cover over-allotments at the public offering price less the underwriting discounts and commissions. The upsized offering will result in gross proceeds to GAN of $90.8 million ($105.3 million if the overallotment is exercised in full) prior to underwriting discounts, commissions and other offering expenses. The offering is expected to close on December 21, 2020, subject to customary closing conditions.

GAN intends to use the net proceeds from this offering to fund the cash portion of the purchase price payable to the shareholders of Vincent Group p.l.c. (“Coolbet”) pursuant to the previously announced Share Exchange Agreement (and subject to the terms and conditions thereof), and if any remaining for working capital and general corporate purposes, including sales and marketing activities, product development and capital expenditures.

B. Riley Securities, Inc., a subsidiary of B. Riley Financial, Inc., acted as the sole book-running manager for the offering.

A registration statement on Form F-1 relating to the offering has been filed with the Securities and Exchange Commission and became effective on December 16, 2020. The offering of these securities is made only by means of a prospectus, copies of which may be obtained when available by contacting: B. Riley Securities, Attention: Prospectus Department, 1300 17th St. North, Ste. 1300, Arlington, VA 22209, or by email at [email protected], or by telephone at (703) 312-9580.