Antara Capital, a New York-based, event-driven hedge fund launched by Himanshu Gulatis in 2018 with start-up capital from the Blackstone Group, has acquired a 6.4% stake in GAN, Dermot Smurfit’s Nasdaq-listed gambling technology firm, according to a report by the Business Post.
Antara Capital, a New York-based, event-driven hedge fund launched by Himanshu Gulatis in 2018 with start-up capital from the Blackstone Group, has acquired a 6.4% stake in GAN, Dermot Smurfit’s Nasdaq-listed gambling technology firm, according to a report by the Business Post.
The report cites regulatory filings as revealing that Antara purchased just over two million shares in the company, worth just under $6 million at the company’s current share price of around $2.17.
As an event-driven fund, Antara’s investment strategy is to focus on prices that may be temporarily depressed by specific events and make investments via ‘special situations equities’ such as loans, bonds and distressed credit.
GAN’s share price has fallen by nearly 30% from more than $30 in February 2021, with the company lowering its forecasted revenue for this year to $142.5 million from $152.5 million, and lowering its expected earnings to a figure between $10 million to $15 million, down from the previous forecast of between $15 million and $20 million.
