A major investment group, Apollo Global Management, is divesting its entire position in the gaming enterprise, PlayAGS. They are offloading their complete shareholding – exceeding 8 million shares – at a remarkably low valuation of a single cent per share.
In essence, Apollo is practically donating these shares. PlayAGS itself will not receive any proceeds from this transaction, hinting at a potential search for fresh capital infusion in the near future.
Financial giants such as JPMorgan and B. Riley Securities are overseeing the sale process and will endeavor to secure buyers through public markets or private placements. The share price is expected to experience volatility based on the urgency to sell and prevailing market appetite.
This development follows the collapse of a proposed merger between PlayAGS and Inspired Entertainment earlier this year.
The agreement collapsed. Speculation is rampant regarding Apollo’s potential divestiture of its PlayAGS holdings now that a consolidation is no longer viable, with financial markets actively engaging in predictions.
