Bragg Gaming Group looks to list on Nasdaq following strong 2020
B2B supplier builds on impressive financial results with ambitious Nasdaq application and hire of Richard Carter as CEO
Bragg Gaming Group has filed an application to list its common shares on the Nasdaq.
The B2B supplier, which is currently listed on the Toronto Stock Exchange (TSX) under the symbol BRAG, is looking to migrate to the Nasdaq as it looks to continue to grow in stature and penetrate the US market.
Bragg only graduated to the TSX from the TSX Venture Exchange in January and is already looking for an upgrade.
The group said it is seeking authorisation from its shareholders to grant the board of directors the discretion to complete a share consolidation to list on the Nasdaq.
Bragg said it would seek authorisation for a range of ratios up to one new share for 15 existing shares.
Earlier this year, Bragg appointed two industry veterans to its board of directors to help facilitate its growth roadmap.
Former chair of Ontario Lottery and Gaming Corp. Paul Godfrey joined the board in January with the premise of offering his expertise around Canadian politics ahead of the legalisation of single-event sports betting in the nation.
Secondly, former Red Tiger chief financial officer Lara Falzon joined the board as of 1 March.
At the time, Bragg said Falzon’s experience of listing on the Nasdaq and her “significant financial expertise in the gaming sector” were key reasons for her appointment.
Since then, former SBTech CEO Richard Carter has been confirmed as the new permanent CEO of Bragg and will officially take over the position in September.
Additionally, the group posted a 74.6% year-on-year (YoY) increase in revenue for 2020, up to €46.4m from €26.6m in 2019.
EBITDA rocketed 432.8% YoY, from €1.0m in 2019 to €5.5m in 2020.
Adam Arviv, Bragg interim CEO, said: “We’ve made extraordinary progress in 2020 and are very pleased with the substantial revenue and EBITDA growth that we’ve delivered.
“We continue to expand globally, enhancing our content portfolio and technology offering, and securing new customers across key geographies,” he added.