STOCKS TELEGRAPH

Author: ST Staff

  • Diginex Ltd. (EQOS) Stock Trends Lower Despite Recent Announcement of Collaboration with Intelligence Squared to Launch Series of Crypto Debates

    Diginex Ltd. (EQOS) Stock Trends Lower Despite Recent Announcement of Collaboration with Intelligence Squared to Launch Series of Crypto Debates

    Diginex Ltd. (EQOS) stock prices were down by 4.11% as of the market closing on July 7th 2021, bringing the price per share down to USD$5.83. Subsequent premarket fluctuations saw the stock fall 2.06%, down to USD$5.71.

    Collaboration with Intelligence Squared

    July 8th 2021 saw the company announce its collaboration with Intelligence Squared to launch a special series of debates titled “Intelligence Squared Crypto: Debates Within Cryptocurrency”.  The series will seek to urgently address critical issues in the world of cryptocurrency. Several of the world’s best speakers will debate the issues and opportunities related the crypto industry. The series will begin with a debate on the merits of Bitcoin vs gold, the scarcity and anti-inflationary properties of which make them resilient stores of value.

    About the Debates

    The series aims to make the up and coming cryptocurrency sector more accessible to a wider audience, with a focus on Bitcoin, with the biggest names in crypto sharing their views on some of the most important issues. Audience members will have the facility to ask question and can vote on the motion set for the proceedings of each event. The environmental impact of crypto will also be debated, as will Bitcoin’s potential threat to the U.S dollar as a global reserve currency.

    Launch of IS

    The launch of Intelligence Squared Crypto was funded by EQOS by bitcoin, which is being held on the company’s balance sheet, having been stored securely by the company’s FCA registered digital asset custodian, Digivault. The events will be free to attend, with the audio from each event becoming episodes on Intelligence Squared’s podcast network.

    Scope of Collaboration

    Intelligence Squared is a globally leading platform for high-level debate and discussion, with a network of podcasts and a YouTube subscriber count of more than 430,000 users. The platform also has a digital subscription service for live events, called, Intelligence Squared+, which the company will use to facilitate in-person events in London in autumn. The raising of awareness will help bring crypto into the mainstream limelight with healthy debates about all aspects of its utility, sustainability credentials, and challenges. The partnership is expected to be a critical step in the increased adoption of the burgeoning industry.

    Future Outlook for EQOS

    Armed with its collaboration to increase the scope of cryptocurrency, EQOS is poised to capitalize on the opportunities afforded from the expansion of the crypto sphere. Investors are hopeful that management will continue to leverage the resources at their disposal to both facilitate the raising of awareness, as well as the networking of the company with the biggest names in the industry.

  • Is There Any Reason As To Why The CVM Stock Plunged In Premarket Session?

    Is There Any Reason As To Why The CVM Stock Plunged In Premarket Session?

    At last check, CEL-SCI Corporation (CVM) shares were down -5.65% to trade at $8.19 in pre-market trading. During Wednesday’s trading session, CEL-SCI stock rose 8.50% to $8.68. CVM stock volume was 7.55 million shares, compared to the one million shares averaged over the past 50 days. In the past week, CVM shares have moved down by -32.35%. The company’s shares have fallen by -37.01% over the last 12 months.

    Over the past three months, shares have fallen -46.72%, while over the last six months they fell -30.67%. A total of 40.05 million shares were outstanding as of the end of June, with the market capitalization of CVM standing at $398.67 million. CVM’s stock has been losing ground even after it sent a letter to shareholders clarifying the confusion surrounding one of its studies.

    What did CVM write to shareholders?

    CEL-SCI believes that encouraging an immune system boost while it is still intact will provide the greatest benefit to a patient. Thus, in the Phase 3 study, CVM used its investigational product Multikine first and BEFORE surgery and radiotherapy, or surgery and concurrent radiotherapy and chemotherapy, for those newly diagnosed with advanced primary squamous cell carcinoma of the head and neck. With its unique approach, CVM stands out from the competition. For patients receiving Multikine plus radiation and surgery, the study demonstrated excellent survival results. The survival benefit was negated when chemotherapy was added.

    CEL-SCI sent out a shareholder letter yesterday to clarify some confusion about CVM’s Phase 3 study results announced last week.

    Here are some highlights of the letter:

    • As a result of CVM’s Multikine immunotherapy, the world’s largest Phase 3 study of newly diagnosed advanced primary head and neck cancer demonstrated a statistically significant survival benefit of 14.1% after receiving surgery and radiotherapy.
    • A CVM study involves about 155,000 patients per year and 40% of the total study population.
    • CVM noted that there appears to be confusion concerning whether data from one of the 2 potential treatment arms is adequate for approval despite the fact that it shows benefits for its patients.
    • As explained by CVM, the protocol stipulated that the analysis for the successful treatment arm must be conducted before the unblinding.
    • CVM can use this data to seek FDA approval for its successful treatment.
    • This data has been reviewed by CVM and deemed safe, and it knows that it can be used in seeking FDA approval based on this data.
    • CVM’s Phase 3 results showed that this treatment arm’s overall survival (OS) benefit was robust and durable for five years, without any safety issues, something that is uncommon for cancer drugs.
    • At 5-years, Multikine-treated patients had a 14.1% absolute advantage over the unknown control group in overall survival, according to CVM.

    How CVM is planning to move forward?

    CEL-SCI (CVM) announced results from a Phase 3 study on June 28, 2021, which showed that Multikine achieved all of the protocol requirements stated in the study protocol in patients receiving surgery and radiation as their standard therapies. CVM will apply for and seek FDA approval to use Multikine in this patient population for the treatment of advanced primary head and neck cancer.

  • Support.com (NASDAQ: SPRT) stock plunged in the premarket trading session; here’s why

    Support.com (NASDAQ: SPRT) stock plunged in the premarket trading session; here’s why

    Support.com Inc. (SPRT stock) shares plunged 9.96% in the premarket trading session to trade at $3.93 at the last check. SPRT stock shed -13.21% to close previous session at $4.27. The SPRT stock is currently valued in the market at $93.30 million and has outstanding shares at 20.20 million.

    All you need to know about Support.com

    Support.com is a software company that specifically focuses on providing support solutions related to software technicalities as well as customer support. This company has a unique operational model where the employees work based from their home and primarily in the United States. The business model of the company consists of outsourcing its services related to the platform of cloud-based technology platforms and customer support. These outsourced services of the SPRT stock draw a client-base of vertical company clients including media, communication, retail, technology and healthcare that consist of voice, chat and self-service type omnichannel programs. The company also provides its outsourced tech support through a subscription option service that is directly applicable to consumers as well as small businesses. This tech support ranges from the medium and channel of smartphones, computers and other connected devices. It additionally gives SUPERAntiSpyware programming, a malware assurance and expulsion programming software; Guided Paths, which contains bit by bit self-support guides, with special focus to help clients settle issues; and service delivery management tools for tech-support, incorporates Support.com cloud-based programming capacities and other contact community applications, for example, client relationship management, guides for installment, and communication, which are coordinated into applications for its contact center trained professionals. The organization offers its types of assistance through partners, and through its site at www.support.com. Support.com, Inc. was consolidated in 1997 and is settled in Wilmington, Delaware.

    What is causing the lawsuit filing and investigations on Support.com?

    Support.com and SPRT stock has been flagged for the past 3 months by class-action lawsuits regarding investigation into the merger that Support.com was a part of. This merger included the acquisition of Support.com by Greenidge Generation Holdings Inc. which is a bitcoin mining company. This merger announcement took place on 22nd March 2021 – on a Monday which caused the trading volume of the SPRT stock to triple on the same day. This trading volume was a 7-year high massive jump to 282.6 million and the stock surged to the moon by a triple digit increase of 231.8% since September 2014.

    This deal allows Greeindge to expect to become the first ever publically traded bitcoin mining company which will have a fully functional and wholly owned power plant. However SPRT stock is trading today at around 4.6 million and has shed -13.21% in stock price due to the investigation into the merger. The investigation seeks to find if the deal truly was done in the favor of shareholders and whether it breached any federal securities law or fiduciary duties.

    The operations of Support.com remain undeterred

    However this has not disrupted business expansion and operational growth of the company as it continues to make transformation adhering to the merger. The company announced on 4th June 2021 that it will be now accepting Bitcoin as payment since it has now launched an On-Demand fintech and cryptocurrency customer support.  This is an exceptional and rare niche to enter into the cryptocurrency space since the market is mainly concentrated in the bitcoin mining space which will require complementary crypto and fintech-services for administrative and operational services.

  • Why Did XELA Stock Plummeted Premarket?

    Why Did XELA Stock Plummeted Premarket?

    XELA Technologies Inc. (XELA) shares fell -15.50% to $2.78 in premarket trading. Last trading session, Exela stock gained 22.76% to $3.29. There were 328.21 million shares traded, which far higher than the average daily trading volume of 32.59 million shares over the last 50 days. Over the past 5-day period, XELA stock has lost 40.60%, but over the past month, it has gained 110.90%.

    This year, XELA shares have surged 146.00 percent since the start of the year. During the past three months, the stock price has risen 48.20%. XELA stock is plummeting even after reporting significant boost to cash and cash equivalents as the investors seem to be taking profits after the gain obtained in past session.

    How has XELA improved its liquidity position?

    With a global footprint and proprietary technology, Exela is one of the leading providers of business process automation (BPA) solutions that enhance quality, productivity, and end-user satisfaction. In addition to serving more than 4,000 clients throughout 50 countries, including more than 60% of the Fortune 100, XELA has decades of experience operating mission-critical processes. As a provider of end-to-end digital journey platforms, XELA releases integrated technology and operations in rapid sequence using cloud-based platforms and modules, with a worldwide workforce of more than 18,300 employees.

    It was announced today that Exela’s recently announced $150 million at-the-market equity program raised $85 million of proceeds which significantly improved liquidity position.

    • In accordance with a previously announced strategic initiative, XELA plans to use the proceeds of the equity program to reduce its debt and associated interest expenses as well as investigate ways to invest in its growth.
    • Exela intends to reduce its debt service by $25 million annually as a first step.
    • Retail investors and its shareholders at large have been the largest supporters of the XELA, while the company has been performing well recently.
    • XELA will be able to fund its growth through greater liquidity, helping it to better leverage its technology-enabled business services model.
    • Also, XELA will create significant value for equity holders by reducing its debt service by $25 million annually as it implements its strategic deleveraging.
    • XELA had over $205 million in cash and cash equivalents as of June 30, 2021.
    • As part of its credit facilities, XELA had additional borrowing capacity of $75 million available on case-by-case basis.

    XELA’s plan going forward:

    Exela (XELA) anticipates gaining access to this additional borrowing capacity in the near future, even though its $145 million A/R securitization contains $53 million available for borrowing. On its upcoming 2021 second quarter Financial Results Call, XELA will provide more information on additional steps under the strategic initiative.

  • Why Did VRPX Stock Fell 12% In Premarket Session?

    Why Did VRPX Stock Fell 12% In Premarket Session?

    The share price of Virpax Pharmaceuticals Inc. (VRPX) dropped to $4.54 as of the last check in premarket trade, a decline of -12.36%. Virpax shares rose 13.85% on Wednesday to close at $5.18. Volume of VRPX stock was 33.3 million, which was much higher than the average volume over the last three months of 358.59K. VRPX stock traded between $4.37 and $8.49 during the session. Profit taking is likely to be behind the decline in VRPX stock as in the past session, the stock price rose after the company provided progress updates on product candidates.

    What update VRPX has provided?

    Virpax develops proprietary technologies that optimize target drug delivery to develop non-addictive, branded pain management products. Its three patents for drug delivery platforms are the first thing VRPX plans to submit to the US Food and Drug Administration (“FDA”) for approval. Those candidates include Epoladerm, Probudur and Envelta.

    After Virpax’s initial public offering in February of 2021 and its review of its pipeline of product candidates, the company provided a progress report on those candidates yesterday.

    • After its IPO, VRPX wanted to become a clinical stage company as rapidly as possible, preserve its cash, and use grants for product development if needed.
    • VRPX has consistently progressed toward these goals to date.
    • In order to improve manufacturing capabilities and possible patent life, VRPX is refining some formulations.
    • The aim of VRPX in developing Epoladerm is to treat acute musculoskeletal pain and osteoarthritis with a metered-dose spray film formulation that contains diclofenac.
    • For the management of postoperative pain, Probudur is a liposomal bupivacaine formulation that is being developed by VRPX.
    • A formulation of molecular envelope enkephalin known as Envelta is being developed by VRPX as an intranasal treatment for chronic pain, including cancer-related pain.
    • As part of its evaluation of additional indications, VRPX is also evaluating its proprietary delivery technologies.
    • In addition, VRPX plans to initiate initial Investigational New Drug Application (“IND”)-enabling studies on several of its existing programs shortly.
    • Earlier this month, VRPX submitted MMS019, their intranasal molecular masking spray, to the US Food and Drug Administration (“FDA”).

    Virpax has announced that Envelta’s IND application has been enabled by clinical studies being conducted under a cooperative research and development agreement (CRADA). VRPX entered into an agreement with the National Center for Advancing Translational Sciences (NCATS) for chronic pain.

    VRPX further plans:

    Virpax (VRPX) plans to use the study to obtain INDs for two additional indications, cancer pain and Post-Traumatic Stress Disorder (PTSD). The NCATS has begun IND-enabling studies of Envelta to support the VRPX’s future application to the Food and Drug Administration (FDA) for clearance to begin its first-in-human clinical trials.

  • XPeng Inc. (XPEV) Stock’s Downward Trend Persists as Chinese Regulations and Oversight Continue to Increase

    XPeng Inc. (XPEV) Stock’s Downward Trend Persists as Chinese Regulations and Oversight Continue to Increase

    XPeng Inc. (XPEV) stock prices were down by 5.86% on July 7th, 2021, bringing the price per share down to USD$41.47 at the end of the trading day. Subsequent premarket fluctuations have seen the stock fall another 6.27%, bringing it down to USD$38.87.

    EXPV Hong Kong Debut

    July 7th, 2021 saw the company fall flat in its trading debut in Hong Kong, having been the first Chinese EV maker to finish a “homecoming” share sale. The share sale saw the company raise an impressive USD$1.8 billion. The shares opened at USD$21.62 and fluctuated throughout the session before ending the trading day at USD$21.24, the same as their offer price. The company went public in the U.S in August 2021 and its New York-listed shares have nearly tripled from their IPO price.

    Increasing Chinese Oversight

    The company’s Hong Kong debut followed increases in Chinese regulations as the country cracks down on the technology industry, dealing a massive blow to both global investors and local companies hoping to be listed abroad. July 6th, 2021 saw the Chinese State Council vow to further increase oversight of data security and overseas listings.

    Future of EV Space in China

    With the Chinese regulatory probe into Didi Chuxing recently, the electric vehicle manufacturing space is concerned about the future of the gathering and analytics of vehicle operating data, which was expected to be the next big source of companies’ profits. Stricter government oversight has also resulted in the scaring off of global investors. Shares of Chinese EV manufacturers that are listed in the U.S. have rallied since their lows in mid-May 2021, based on promising demand growth. XPEV is the first of a total of three U.S-listed Chinese EV makers to launch a homecoming sale. Nio and Li Auto are planning to follow suit with listings in Hong Kong.

    Promising Developments

    Despite the company not having yet turned a profit, revenue has been increasing. With the company forecasting profitability by late 2023 or early 2024, revenues have reached USD$455 million in the first quarter of 2021. Deliveries for June 2021 were up a staggering 617% as compared to numbers from the same month of the prior year.

    Future Outlook for EXPV

    As the company expands its investor base closer to home, it is keen for its consumers to also be its stockholders. XPEV is poised to ride the wave of increased Chinese regulations, with strategies to come out stronger than ever. Investors are hopeful that the company will not be hit too hard by the increasing oversight and that this will not affect its listings abroad.

  • Sundial Growers Inc. (NASDAQ: SNDL) stock plunged in the premarket trading session; here’s why

    Sundial Growers Inc. (NASDAQ: SNDL) stock plunged in the premarket trading session; here’s why

    We are seeing a plunge in the Sundial Growers Inc. (SNDL stock) shares by a percentage of -7.12%, trading at $0.8898 per share in pre-market at the last check. Previously, the trading session of SNDL stock closed on Thursday at $0.96 gaining 7.64%. In the past 50 days, the average daily volume of the stock traded at 210.62 million while the SNDL stock volume today remained 164.87 million shares, positing a lower volume of trade. In the past year up-to-date SNDL stock jumped up 24.42% and in the past week, it boosted by 0.84% in. In the past three and six months, the stock has shed -4.20% and added 77.57%. Further, the company is currently valued in the market at $1.95 billion and outstanding shares of the Sundial stood at 1.86 billion.

    All you need to know about Sundial Growers Inc.

    Sundial Growers Inc. is a drug manufacturing company that specifically specializes in cannabis products. The company produces as well as markets these cannabis products specifically for the use of adults. SNDL stock has established the market for its operations in Canada. The diverse set of cannabis and cannabis-related products include inhalable products that are categorized into KPIs such as flower, pre-rolls, and vapes. These product offerings are sold under the various brands of the company including Sundial Cannabis, Palmetto as well as Grasslands brands. The company has its origin in the year 2006 and has based its headquarters in Calgary of Canada.

    Sundial Growers Inc. is expanding its investment in the Cannabis industry through SunStream Bancorp.

    The cannabis producing company, SNDL stock has 448,000 square feet of state-of-the-art available space for its cannabis cultivation and cannabis production. However, this is not the only operating segment of the company as it also focuses on investments. This investment portfolio is strategized on deploying capital through direct and indirect investments as well as partnerships. The company is actively partnering up in the global cannabis industry to increase its overall profitability and market cap.

    For this particular reason, Sundial Growers Inc. has partnered up with SAF Group for a strategic joint venture in the global cannabis industry. This partnership benefits both companies as it leverages financial and operational partnerships strategically for the targeting of a diversely set of enhanced risk-return opportunities. These opportunities are purely related to the cannabis industry and aims to provide increased exposure to a portfolio of attractive debt, equity, and hybrid investments that increase the long-term success of such investments.

    Initially, Sundial Growers Inc. had announced that it was focusing on a commitment of C$188 million to SunStream Bancorp Inc. SunStream is the name of the previously mentioned Joint-Venture with SAF group. There is substantial growth in the cannabis industry as regulatory approvals ease down and licensing expansion cause a growth in the Cannabis market. SNDL stock is definitely banking on this future optimistic growth and has now planned to invest an increased commitment by C$350 million to C$538 million in total for SunStream Bancorp Inc.

  • MySize, Inc. (MYSZ) Stock Exhibits Volatility as Indian BoxSize Operations Continue Developing

    MySize, Inc. (MYSZ) Stock Exhibits Volatility as Indian BoxSize Operations Continue Developing

    MySize, Inc. (MYSZ) stock prices were down by 6.76% as of the market closing on July 7th, 2021, bringing the price per share down to USD$1.38 at the end of the trading day. Subsequent premarket fluctuations saw the stock rally by 9.42%, bringing it up to USD$1.51.

    Partnership with Delhivery

    June 29th 2021 saw the company announce its partnership with Delhivery, India’s largest supply chain services provider. MYSZ’s AI-driven sizing solution BoxSize is expected to bolster the industry-leading logistics company with tools to enhance efficiency and operational management.

    BoxSize

    BoxSize facilitates the efficient utilization of resources and strategic planning of logistics, thereby ensuring the protection of both the environment, as well as the company’s bottom line. Delivery efficiency is increased with the use of the parcel measurement tool, which measures both dimension and volume, to help operations teams ensure that a truck is packed properly and completely.

    BoxSize Features

    Furthermore, the BoxSize service offers a myriad of features, including, but not limited to, barcode scanning, geolocation tagging, and image capture. The company ensures decreased emissions and fuel consumption while providing a verified chain of custody, as well as greater operational efficiency. This leads to fewer trucks being packed to less than full capacity, improved real-time allocation of resources, and fewer emissions per delivery.

    Scope of Partnership

    The collaboration with Delhivery complements the company’s renowned in-house tech solutions, increasing visibility and other ERP processes. Delihivery’s status as an industry leader in delivery and logistics tech makes the collaboration a strong testament to the value BoxSize provides. It will provide Delhivery’s employees on the B2B side with essential information to facilitate the effortless optimization of loading efficiency, as well as enhanced real-time visibility to operations.

    Utility of BoxSize

    The company’s handheld sizing solutions serve to commensurate any delivery driver or workhouse employee with the expertise of a logistics planner. With the tool being directly given to employees on the ground and field, the delivery of parcels is enhanced with the empowerment of all the people involved in the process.  The critical tool is intended to provide several businesses across India with the best possible delivery experience.

    Future Outlook for MYSZ

    Armed with the expansive collaboration with Delhivery, MYSZ is poised to massively expand the scope of its footprint in the Indian market. The company is keen to consolidate this growth and usher in further expansion through market penetration of unaddressed segments. Investors are hopeful that the company will continue to expand its reach and facilitate significant and sustained increases in shareholder value.

  • Digital Brands Group Inc. (DBGI) stock surged in the premarket trading session; find out why

    Digital Brands Group Inc. (DBGI) stock surged in the premarket trading session; find out why

    In the current trading session, the shares of Digital Brands Group Inc. (DBGI) stock had surged by 12.90% to trade at the price of $5.95 at last check. The DBGI stock closed the session previously at $5.27. The past 90 days’ average trade volume has been 5.91 million. The DBGI stock volume traded 11.45 million shares. In the past week, DBGI stock has moved down by -8.82%. Furthermore, Digital Brands Group Inc. is currently valued in the market at $55.30million and has 10.49 million outstanding shares.

    What are the latest operational maneuvers and financial updates in Digital Brands Group?

    On 28th June 2021, Digital Brands Group Inc. released its first-quarter financial results for the financial year 2021 which ended on 31st March 2021.

    The overall financial results and balance sheet display the hiccups and continued operation distortion due to the COVID-19’s pandemic. One of the main aims of the company was to make to conserve their market spending and make it more efficiently aligned with the reduced business operations and corporate activities. This was primarily due to COVID-19’s impact on the Bailey 44 which also limited the company’s cash-on-hand and inventory stock.

    However, the company expects to see improved results in the second quarter however this improved result is relative to the first quarter and not the same financial performance as pre-pandemic times. The CEO of the DBGI stock Hil Davis stated that the operational improvement in the result will be displayed in the third and fourth quarter of 2021. The amount of cash that DBGI stock has as of now as well as the level of inventory is enough to sustain the expected amount of operational activities for the second, third and fourth quarter of 2021.

    The IPO of the company in last May boosted the cash balance and now the main contributors to the increased level of performance for the rest of the year are due to three factors; The company’s DSTLD inventory shipment had arrived in late May with the bulk of the inventory expected to arrive mid of this month till mid of September. DBGI stock has shifted its ship Bailey 44 product to wholesale accounts which started in Mid-May. This boosted the wholesale demand and orders which the company states is equal to the same level as prior to the pandemic.

    Lastly, the company is creating a marketing and advertising plan majorly for its latest marketing strategy. This marketing strategy is putting the company’s latest business expansion towards Amazon into the spotlight, as it decides to sell select brands through the largest third-party e-commerce platform. We previously wrote an article regarding this latest expansion and why Amazon is the right move for DBGI stock’s expansion.

    Closing of the proposed underwriter’s over-allotment option

    The company also announced (28th June 2021) that it has closed the remaining over-allotment option for the underwriters who had purchased an additional 361,445 shares at $4.15 per share. A total of 2,771,084 shares of DBGI’s common stock have been sold for a gross aggregate of $11.5 million. This proposed offering was closed on 18th May.

  • How Has The GAN Stock Appreciated 17% In After Hours Trades?

    How Has The GAN Stock Appreciated 17% In After Hours Trades?

    The stock price of GAN Limited (GAN) was up 17.49% in after-hours trading at $17.80 at last check. Last session, GAN shares fell by 7.85 percent or $0.29 to $15.15. GAN stock price fluctuated between $15.13 and $16.49 during the day.

    GAN stock has lost -44.18% over the last 12 months. It has decreased by -11.14% over the last week. Over the past six months, the stock has lost a total of -23.95%, and in the past three months, the stock has lost -26.10%.

    A strong preliminary report for the second quarter of 2021 helped GAN stock rise.

    GAN’s performance in Q2: how did it fare?

    GAN is a leading business-to-business supplier of software-as-a-service solutions for internet gambling targeted primarily at land-based casinos in the US. With market leadership positions in several European and Latin American markets, GAN’s Coolbet division is a leading provider of proprietary online sports betting technology. GameSTACK is a proprietary software system developed by GAN for internet gambling enterprises. A GAN license offers turnkey technology solutions for regulated online real money gambling, including online sports gaming, simulated gambling, and virtual online gaming.

    Coolbet, GAN’s new Business-to-Consumer (“B2C”) division, contributed strongly to the company’s preliminary financial results for the second quarter of 2021.

    • GAN expects to report revenue in the range of $34.0 million to $35.0 million for the second quarter, based on preliminary financial results.
    • In addition, GAN expects its adjusted EBITDA to range between $3.0 million and $7.0 million.
    • Not only are these figures more than what GAN expected, they also heavily outweigh strategic investments in talent and technology.
    • Moreover, GAN now expects full-year revenue to be between $125 million and $135 million in 2021.
    • During the quarter, GAN’s B2C offering in Latin America and Northern Europe performed better than expected.
    • GAN’s sports betting results for the quarter benefited from a higher-than-expected margin of 9.7%, compared to 6.8% in the first quarter, while marketing spend efficiency remained the same.
    • The growth in revenue for the GAN was accelerated by two major international sporting events in the second half of the quarter.

    GAN obtained exclusive rights:

    GAN Limited announced that the company has reached an agreement to acquire exclusive online rights with Illinois-based Incredible Technologies, Inc. Incredible Technologies has granted GAN the rights to all current and future online games it develops, with over 110 titles planned to be available through this agreement.

    Incredible Technologies’ New Jersey online operations will immediately contribute to GAN’s content licensing fees. Through the exclusive online slot partnership, GAN’s exclusive content in the U.S. represented approximately 7% of all slots sold in 2020.