GAN Announces Exercise of Options
London & Dublin | December 21, 2018: GAN plc ("GAN" or the "Company"), announces today the exercise of options by Mr. Dermot Smurfit, Chief Executive Officer, who exercised 200,000 stock options on December 11, 2018 to acquire new ordinary shares at an exercise price of 25p per new ordinary share at a total cost of £50,000 which was subsequently received by the Company on December 21, 2018.
Dermot Smurfit, CEO of GAN commented:
"As the Company's CEO, a major long-term shareholder and substantial holder of options over additional ordinary shares, I expect to continue to invest in GAN through progressive future exercises of vested share options."
After the transaction, Mr. Smurfit holds a total of 8,863,447 ordinary shares in the Company, representing 10.42% of the Company's total issued share capital. Mr. Smurfit currently holds vested stock options to exercise and acquire up to an additional 416,564 new ordinary shares as per the company's 2017 Stock Options Plan together with a further 1,229,436 which have yet to vest.
The total number of extant options over ordinary shares issued to the Directors is 2,346,000 and represents 2.76% of the issued share capital of 80,051,924 ordinary shares.