Most penny stocks are up and down this morning on the TSXV. However, there is one gaming penny stock that is dominating the Canadian exchange. Today, we’ll take a look at this stock and the reasoning behind its stock climb.
Integrity Gaming Corp. (TSXV:IGAM) (OTCQX:IGAMF)
Integrity Gaming is a gaming company that operates slot routes in the US. The penny stock is headquartered in Vancouver, British Columbia. Integrity leases and distributes slot machines, casino equipment, and electronic table games to tribal casino operators.
This morning, it was announced that the company has now been acquired by PlayAGS, Inc. (NYSE:AGS). PlayAGS is the major gaming company in the US that also is in the Casino space. PlayAGS acquired Integrity for $49 million USD, which includes repaying $36 million of the company’s debt. The transaction will be funded with cash and should close in the first half of 2019.
Integrity’s Interim Chief Executive Officer, Robert Miodunski, said:
“We strongly believe this is a good transaction for our company and that our customers will benefit from AGS’ deep roots in Oklahoma and its proven ability to successfully manage a large footprint of leased games to drive strong performance for gaming operators. We look forward to working closely with the AGS team to ensure a smooth transition and continuity of service and support for our customers. I am proud of the Integrity team and the success we have achieved over our more than 20 years.”
The gaming penny stock is booming on both the TSXV and the OTC currently.
Gaming Penny Stock Movement
At press time, IGAMF is trading at $0.355 a share on the OTC, up +$0.12 (+51.84%). IGAM is trading at $0.43 CAD on the TSXV, up +$0.08 (+22.86%).
However, PlayAGS stock isn’t doing as well as the gaming penny stock. At press time, AGS is trading at $22.38 a share, up +$0.01 (+0.04%).
Featured Image: depositphotos/razihusin