PlayAGS ( NYSE: AGS ) stock marked a double-digit decline percentage on Tuesday after announcing a secondary public offering of 8,208,076 shares via an entity managed by affiliates of Apollo Global Management ( APO ).
“The shares of common stock to be sold in this offering represent all of the shares held by the Selling Stockholder in the Company,” an SEC filing notes . “The Company did not sell any shares of common stock and will not receive any proceeds from the offering.”
J.P. Morgan and B. Riley Securities are acting as underwriters for the offering.
Shares of the Las Vegas-based gaming company fell 13.7% on Tuesday, extending about a 21.5% drop for the stock year to date.
Read more on the company’s recent earnings report .
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PlayAGS stock plunges after announcing secondary offering