Apollo Divests Entire Stake in PlayAGS Following Public Offering Announcement

The investment firm Apollo is divesting its entire stake in PlayAGS. This decision follows the slot machine maker’s announcement of a public offering of 8,208,076 shares. Since these shares are wholly owned by Apollo, PlayAGS will not receive any proceeds from the sale.

Apollo is offering each share for a mere $0.01, indicating an intent to liquidate their position swiftly. This action suggests that PlayAGS may soon be seeking fresh capital from new stakeholders.

Financial institutions J.P. Morgan and B. Riley Securities are overseeing the distribution, making these shares accessible to investors through various avenues: directly via agents and brokers, through transactions on the NYSE, or through private agreements with traders. They are prepared to utilize any combination of these methods to guarantee the complete sale of Apollo’s holdings.

The shares will be sold at either a predetermined price, the prevailing market price at the time of sale, a price pegged to the market price, or a negotiated price. The probability of a negotiated price increases with the duration of the sale process.

This development follows the unsuccessful merger attempt between PlayAGS and Inspired Entertainment earlier this year.

The discussion concluded with no agreement. Apollo’s subsequent action is uncertain. Might they retain their PlayAGS shares or divest them? The future remains to be seen, but experts are already making predictions!