Bragg Gaming Makes Nasdaq Debut
Canadian gaming technology provider Bragg Gaming launched on the Nasdaq Stock Market, becoming the latest foreign gaming company to land a US listing.
Bragg is trading in New York under the ticker “BRAG.” That’s the same symbol it uses on the Toronto Stock Exchange — a listing the company is retaining.
Toronto-based Bragg previously traded over-the-counter in the US under the ticker “BRGGF.” The company said in March it was eyeing a Nasdaq listing and that it was planning a reverse split to boost its share price to come into compliance with the exchange operator’s listing requirement.
Bragg provides internet casino and sportsbook technology services to gaming operators via its ORYX Gaming brand.
Advantages for Bragg in Nasdaq Listing
Those segments are taking off in significant fashion in the US, underscoring Bragg’s desire to gain more exposure to its neighboring market. That objective may be aided with a Nasdaq listing, because the stock will be available to a wider swath of institutional investors, and the company will increase its ease of accessing capital.
Our Nasdaq listing approval marks another key milestone in Bragg’s growth and evolution, and will allow the company to attract greater capital markets interest in the US, where we are successfully pursuing the large and rapidly growing iGaming market opportunity,” said CEO Richard Carter in a statement. “By listing in the US and maintaining our Canadian listing, we are positioned to enhance shareholder value by improving the Company’s visibility and trading liquidity for investors.”
Many institutional investors can’t buy over-the-counter stocks, and Bragg isn’t the first Canadian gaming company to head to Nasdaq in search of a wider investor base.
Earlier this year, Score Media and Gaming (NASDAQ:SCR) did the same thing, and that’s worked out well for the sports betting operator. That’s because Penn National Gaming (NASDAQ:PENN) said earlier this month it’s buying the company for $2 billion in cash and stock.
Bragg Making Deals
In advance of its Nasdaq listing, Bragg acquired Spin Games, a gaming technology and content provider that has agreements in regulated US and Canadian markets. That company has a roster of interactive games, including slots, bingo, video poker, and other table and casino games.
That was followed by the acquisition of Wild Streak Gaming in a deal worth $30 million.
“Nevada-based Wild Streak Gaming is Bragg’s wholly-owned premium US gaming content studio. Wild Streak has a popular portfolio of casino games that are offered across land-based, online, and social casino operators in global markets, including the US and the UK,” according to Bragg.
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