ACCEL ENTERTAINMENT, INC. : Other Events (form 8-K)
August 14, 2020 at 07:44 am EDT
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Item 8.01. Other Events.
Accel Entertainment, Inc., a Delaware corporation (the "Company") completed its
recent exchange offer relating to its outstanding warrants, including warrants
that were (i) originally sold as part of the units issued in the Company's
initial public offering, which closed on June 30, 2017 (the "Pace IPO"),
referred to as the "Pace Public Warrants", (ii) privately offered in connection
with Pace IPO, based on an exemption from registration under the Securities Act
of 1933, as amended (the "Securities Act"), referred to as the "Pace Private
Placement Warrants", (iii) privately offered in connection with the business
combination consummated by the Company on November 20, 2019, referred to as the
"Business Combination Private Placement Warrants" and (iv) issued in a
registered offering in connection with the business combination, referred to as
the "Accel Public Warrants" (collectively, referred to as the "Outstanding
Warrants", and the Outstanding Warrants together with the Pace Public Warrants,
the "Accel Warrants"). Under the terms of the exchange offer relating to the
Accel Warrants, each holder had the right to receive 0.250 shares of Class A-1
common stock in exchange for each Accel Warrant tendered by the holder and
exchanged pursuant to the offer (the "Offer").
The Offer expired at 11:59 p.m. Eastern Standard Time on August 11, 2020. A
total of 7,189,990 Accel Warrants, or approximately 99.93% of the Accel Warrants
outstanding, were validly tendered and not withdrawn in the Offer.
The Company expects to issue 1,797,474 shares of its Class A-1 Common Stock in
exchange for the Accel Warrants tendered in the Offer.
A copy of the Company's press release relating to this announcement is being
furnished as Exhibit 99.1 to this Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
99.1 Press Release dated August 14, 2020
2
Accel Entertainment, Inc. is a distributed gaming operator in the United States and a partner for local business owners in the markets it serves. The Company's business consists of the installation, maintenance and operation of gaming terminals, redemption devices that disburse winnings and contain automated teller machine (ATM) functionality, and other amusement devices in authorized non-casino locations such as restaurants, bars, taverns, convenience stores, liquor stores, truck stops, and grocery stores. It also operates ATMs in gaming and non-gaming locations. The Companyâs gaming-as-a-service platform provides local businesses with a turnkey gaming solution. It owns all of its gaming equipment and manages the operating process for its licensed partners. In addition to its gaming business, it also installs, operates and services redemption devices that have ATM functionality, ATMs and amusement devices, including jukeboxes, dartboards, pool tables, pinball machines and others.