GAN Limited U.S. Roadshow Update

For immediate release

01 May 2020

GAN PLC

GAN Limited U.S. Roadshow Update

GAN plc ("GAN" or the "Company") today announces the filing of a pre-effective amended Form F-1 registration statement with the SEC confirming an upsized offering of 6,380,000 ordinary shares of GAN Limited with an expected price range of $6.50 to $8.50 per share. GAN Limited is expected to become the GAN holding company following pricing of the U.S. fundraise and the Scheme becoming effective and also expects to grant the underwriters a 30-day option to purchase up to an additional 957,000 ordinary shares at the initial public offering price less the underwriting discounts and commission.

A copy of the Form F-1 registration statement (as amended) has been filed with the SEC and can be sourced at https://www.sec.gov/edgar/search-and-access. The registration statement will shortly be available on the Company's website www.GAN.com. The registration statement has not yet become effective. The securities offered pursuant to the registration statement may not be sold, nor may offers to buy be accepted, nor may any portion of the purchase price be received, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Updated Expected timetable of principal events

It is anticipated that pricing of the U.S. fundraise will now occur on Monday 4 May 2020, subject to market and regulatory conditions. Subject to the market and regulatory conditions regarding the pricing and closing of the U.S. fundraise and contingent on the Scheme becoming Effective, the following is the updated expected timetable of principal events:

Each of the dates in the above timetable is subject to change. All times are London times unless otherwise stated, and are approximates. If for any reason it becomes necessary to adjust the expected timetable, the Company will make an appropriate announcement through a Regulatory Information Service giving details of the revised dates. The Longstop Date for the Scheme is 14 May 2020.

Settlement

In connection with the U.S. IPO and the Scheme existing holders of GAN plc shares will receive 1 share of GAN Limited for every 4 shares of GAN plc they hold at the Scheme Record Time. Shareholders will not have to take any action to receive their GAN Limited shares. Shareholders that hold shares in GAN plc through brokerage accounts under the EuroClear/CREST system will have their GAN Limited shares and their pro rata portion of the cash consideration from the Scheme deposited directly into their brokerage accounts. That settlement is expected to occur on or about 7 May 2020. After the U.S. IPO, transactions in GAN Limited shares will continue to be eligible for processing through the EuroClear/CREST system.

Definitions

Terms and expressions used in this announcement shall, unless the context otherwise requires, have the same meanings as given to them in the Scheme Document.