PlayAGS plunges as Apollo's share sale prices at steep discount

Inspired Entertainment

15/11/2022 13:27

** PlayAGS Inc's  AGS.N  shares down ~15% at $5.40 premarket
after slot machine maker's secondary offering prices
    ** Apollo Global Management  APO.N  sells ~8.2 mln shares
with JP Morgan and B. Riley as underwriters  urn:newsml:reuters.com:*:nPn63jpvya
    ** Offering prices at $5.25, 17.3% discount stock's Mon
close
    ** #1 holder Apollo divests its remaining approx 22% stake,
per prospectus filing
    ** On Sept 8, AGS ceased discussions with Inspired
Entertainment  INSE.O  about possible buyout, a month after it
confirmed the gaming equipment maker's $10/sh bid
    ** AGS shares have lost 6.5% through Mon
    ** Late last Tues, co posted 16% yr/yr rev growth of ~$78
mln in Q3, topping consensus view of $75.6 mln, per Refinitiv
IBES data  urn:newsml:reuters.com:*:nTUABFCJBJ
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))