GAN is build of dwelling to receive a $30m (£24.1m/€27.3m) loan from Coastline Point Capital affiliate BPC Lending I LLC, as piece of three agreements signed earlier this month.
This kinds piece of a credit settlement that took build on 26 April 2022.
GAN, thru its wholly-owned subsidiary GAN Nevada, officially entered into the three agreements on 13 April 2023. The agent for the loan is Alter Domus LLC.
The first settlement used to be entered into on the root that Coastline Point would waive particular defaults beneath the credit settlement, and would amend particular ingredients – together with replacing the consolidated hobby protection ratio with a liquidity covenant of $10m, starting 30 June 2023.
Both Coastline Point and Japan-primarily based gaming company Sega Sammy entered into the second settlement, known as an assignment and acceptance. As piece of this, Coastline Point assigned all its rights and duties to Sega Sammy beneath the credit settlement.
Upon the execution of Coastline Point and Sega Sammy’s assignment and acceptance deal, GAN Nevada initiated the third settlement – a second amendment to the credit settlement with Sega Sammy. This permits GAN Nevada to borrow an extra $12m of term loans to pay numerous charges. This last settlement took enact on 14 April.
Earlier this week, GAN filed its annual document gradual, after it announced in an SEC filing that it’d be unable to carry out the closing date.
