PLAYSTUDIOS, Inc. Files 8-K for Material Definitive Agreement

TL;DR

PLAYSTUDIOS (MYPS) signed a big deal, filing an 8-K on June 7th.

AI Summary

On June 7, 2024, PLAYSTUDIOS, Inc. entered into a Material Definitive Agreement. The company, formerly known as Acies Acquisition Corp., reported this event on June 12, 2024. The filing also includes Regulation FD Disclosure and other events.

Why It Matters

This filing indicates a significant new agreement for PLAYSTUDIOS, Inc., which could impact its business operations and financial performance.

Risk Assessment

Risk Level: medium — Material Definitive Agreements can introduce new risks or opportunities that are not yet fully understood.

Key Players & Entities

• PLAYSTUDIOS, Inc. (company) — Registrant
• Acies Acquisition Corp. (company) — Former company name
• June 7, 2024 (date) — Date of earliest event reported
• June 12, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $11.50 — A common stock at an exercise price of $11.50 per share MYPSW Nasdaq Stock Market LLC
• $2.11 — by Microsoft Corporation at a price of $2.11 per share. The total amount paid by the
• $24.6 million — y for the repurchase of such shares was $24.6 million and was funded with available cash. Th
• $50 million — l to the Company's previously announced $50 million stock repurchase program and did not im
• $46 million — er. As of June 7, 2024, the Company had $46 million of remaining capacity under the stock r

Filing Documents

• myps-20240607.htm (8-K) — 36KB
• myps-20240611xexhibit101.htm (EX-10.1) — 47KB
• myps-20240611xexhibit991.htm (EX-99.1) — 6KB
• imagea.jpg (GRAPHIC) — 9KB
• 0001823878-24-000024.txt ( ) — 279KB
• myps-20240607.xsd (EX-101.SCH) — 2KB
• myps-20240607_def.xml (EX-101.DEF) — 16KB
• myps-20240607_lab.xml (EX-101.LAB) — 28KB
• myps-20240607_pre.xml (EX-101.PRE) — 17KB
• myps-20240607_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On June 7, 2024, PLAYSTUDIOS, Inc. (the "Company"), PLAYSTUDIOS US, LLC, a subsidiary of the Company (the "Borrower"), the Lenders party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent, entered into an Amendment No. 4 to Credit Agreement (the "Amendment No. 4"), which amended the Credit Agreement dated as of June 24, 2021 by and among such parties (as previously amended by Amendment No. 1 to Credit Agreement dated as of May 13, 2022, by Amendment No. 2 to Credit Agreement dated as of August 9, 2022, and by Amendment No. 3 to Credit Agreement dated as of August 16, 2023, the "Credit Agreement") to, among other things, (i) modify the definition of "Fixed Charge Coverage Ratio" to exclude from the calculation of Restricted Payments amounts paid for the repurchase, prior to June 30, 2024, of approximately 11.7 million shares of Class A common stock of the Company, and (ii) modify the definition of "Consolidated Fixed Charges" to take into account any tax refunds received in the applicable measurement period. Capitalized terms used as defined terms but not otherwise defined herein have the meanings ascribed to them in the Credit Agreement. The foregoing description of the Amendment No. 4 does not purport to be complete and is qualified in its entirety by the terms and conditions of the Amendment No. 4, which is included as Exhibit 10.1 and is incorporated herein by reference.

01 Regulation FD

Item 7.01 Regulation FD. On June 11, 2024, the Company issued a press release regarding the repurchase of 11,677,398 shares of Class A common stock from Microsoft Corporation. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall either be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific references in such filing.

01 Other Events

Item 8.01 Other Events. On June 7, 2024, the Company repurchased 11,677,398 shares of Class A common stock held by Microsoft Corporation at a price of $2.11 per share. The total amount paid by the Company for the repurchase of such shares was $24.6 million and was funded with available cash. The repurchase of shares from Microsoft Corporation was supplemental to the Company's previously announced $50 million stock repurchase program and did not impact the amount of permitted repurchases thereunder. As of June 7, 2024, the Company had $46 million of remaining capacity under the stock repurchase program.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits (a) None (b) None (c) None (d) Exhibits Exhibit Number Description 10.1* Amendment No. 4 to Credit Agreement among PLAYSTUDIOS, Inc., PLAYSTUDIOS US, LLC, the Lenders party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent, dated June 7 , 2024. 99.1 P ress release, dated Jun e 11, 2024 . 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) * Filed herewith Furnished herewith

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: June 11, 2024 PLAYSTUDIOS, Inc. By: /s/ Scott Peterson Name: Scott Peterson Title: Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR