International edition
September 25, 2020

The firm sold its table games division this year for us$ 30 million

Progressive IPO brings us$ 47 million

(US).- Progressive Gaming International said it raised us$ 47 million in a public offering of its common stock. The company plans to use the proceeds to pay down debt and settle legal bills associated with the company’;s recently settled federal antitrust lawsuit.

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rogressive Gaming, which sold its table games division this year for us$ 30 million to concentrate on providing technology software and management systems to casinos, put up 20 million shares of its common stock last week for us$ 2.50 a share on the Nasdaq National Market.

In August, Progressive said an unnamed investor infused the company with us$ 31 million by purchasing 7 million shares of the company. Progressive said Monday’s announcement allowed the company to retire one us$ 10 million note and pay about us$ 15 million of its us$ 45 million in outstanding senior secured notes.

Progressive didn’t say how much the legal fees were. Two weeks ago, the company agreed to pay table game developer Derek Webb us$ 20 million plus his legal fees rather than appeal a verdict reached in February by a federal jury in Mississippi. The company could have been liable for more than us$ 39 million.

Following the payments, Progressive said, it will have more than us$ 20 million in cash and debt of less than us$ 10 million. The debt amount is the lowest level in the past 10 years. In a statement, Progressive CEO Heather Rollo said her company could be able address the remaining debt next year.

Shares of Progressive closed Monday at us$ 2.55, down 10 cents, or 3.77 percent.

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