Casino table games
Galaxy Gaming Stockholders Approve Acquisition by Evolution
Galaxy Gaming Inc., the world’s largest independent developer and distributor of casino table games and technology announced, at a special meeting of its stockholders held on November 12, 2024 (the Special Meeting), Galaxy Gaming stockholders voted to approve the Company’s acquisition by Evolution Malta Holding Limited (Evolution), Evolution AB (publ)’s wholly owned subsidiary.
Galaxy Gaming will file a Form 8-K with the U.S. Securities and Exchange Commission reporting the final voting results of the Special Meeting.
The transaction is expected to close mid-2025 and is subject to customary closing conditions, including the receipt of regulatory approvals. Upon completion of the transaction, Galaxy Gaming will become a privately held company and shares of Galaxy Gaming common stock will no longer be listed on any public market.
Casino table games developer and distributor Galaxy Gaming has received a loan of $4m from Zions Bancorporation through the Nevada State Bank (NSB) and the Main Street Priority Loan Program that was enacted as part of the US government’s CARES Act in March.
“Our iGaming business remains robust, but the land-based casino industry in the second and third quarters of this year varied widely by geography. New restrictions have just been announced in the UK as well as other domestic markets. These Main Street funds increase our ability to ride out any short-term downturns that might result from regional efforts to fight the pandemic,” Todd Cravens, President and CEO of Galaxy Gaming, said.
“Pro forma for the Main Street loan, our cash at September 30, 2020, would have been approximately $6.6 million. The Main Street loan has given us a flexible and relatively inexpensive source of funding with which to address the uncertainties ahead. And once again, we are incredibly appreciative of the hard work and support of our partners at NSB,” Harry Hagerty, CFO of Galaxy Gaming, said.
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