LAS VEGAS, Feb. 28, 2018 /PRNewswire/ -- PlayAGS, Inc. ("AGS" or the "Company"), a leading designer and supplier of electronic gaming machines ("EGMs") and other products and services for the gaming industry, today announced that the underwriters of the Company's recent initial public offering ("IPO") consummated the exercise of the over-allotment option in full and purchased an additional 1,537,500 shares at the IPO price of $16 per share, less underwriting discounts and commissions. After deducting underwriting discounts and commissions, net proceeds from the over-allotment option totaled approximately $23 million.
Following the issuance of the over-allotment, AGS has 35,166,288 shares outstanding.
Credit Suisse, Deutsche Bank Securities, Jefferies and Macquarie Capital acted as joint book-running managers and as representatives of the underwriters for the offering. BofA Merrill Lynch, Citigroup, Nomura, Stifel and SunTrust Robinson Humphrey acted as joint book-running managers for the offering. Roth Capital Partners, Union Gaming, The Williams Capital Group, L.P. and Apollo Global Securities acted as co-managers for the offering.
AGS is a leading designer and supplier of electronic gaming machines ("EGMs") and other products and services for the gaming industry. Historically we have focused on supplying Class II EGMs to the Native American gaming market. We have recently expanded our product line-up to include: (i) Class III EGMs for commercial and Native American casinos, (ii) video bingo machines for select international markets, (iii) table game products, and (iv) interactive social casino products.
Forward-Looking and Cautionary Language
This press release contains, and oral statements made from time to time by our representatives may contain, forward-looking statements based on management's current expectations and projections, which are intended to qualify for the safe harbor of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements identified by words such as "believe," "will," "may," "might," "likely," "expect," "anticipates," "intends," "plans," "seeks," "estimates," "believes," "continues," "projects" and similar references to future periods, or by the inclusion of forecasts or projections. All forward-looking statements are based on current expectations and projections of future events.
These forward-looking statements reflect the current views, models, and assumptions of AGS, and are subject to various risks and uncertainties that cannot be predicted or qualified and could cause actual results in AGS's performance to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, the ability of AGS to maintain strategic alliances, unit placements or installations, grow revenue, garner new market share, secure new licenses in new jurisdictions, successfully develop or place proprietary product, comply with regulations, have its games approved by relevant jurisdictions and other factors set forth under "Risk Factors" in the registration statement on Form S-1 and its annual report on Form 10-K filed with the Securities and Exchange Commission on March 10, 2017, as amended on December 18, 2017. All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned that all forward-looking statements speak only to the facts and circumstances present as of the date of this press release. AGS expressly disclaims any obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise.
Julia Boguslawski, Chief Marketing Officer & EVP of Investor Relations, AGS