PlayAGS, Inc.

HG Vora Capital Management is an event-driven and value-oriented investment management firm which seeks to generate attractive risk-adjusted absolute returns by opportunistically investing in actively traded debt and equity instruments on a long and short basis. The firm has an extensive experience investing in certain sectors, including but not limited to gaming, lodging, leisure, real estate, retail and consumer, specialty finance, travel and other related sectors. They typically invest in businesses that may be characterized by an over leveraged balance sheet, operational challenges or may be undergoing a restructuring or some other form of strategic change. HG Vora Capital Management’s primary focus is on North American securities, but may include Europe, Asia and other non-US markets. The firm bases their investment decisions on fundamental and comprehensive research and analysis.

BSP manages funds that may make investments in both publicly-listed and privately-held companies. The firm employs different methodologies to generate proprietary valuations and typically receives information directly from the entity (or its agents and/or representatives) it is investigating as a potential investment opportunity for a fund. They may invest cash held by the funds in temporary investments on a short-term basis, pending investment, distribution to investors or payments of expenses or other obligations of the funds.

Gratia Capital pursues a single-name, fundamental value and event-oriented strategy that focuses on both individual and thematic investment opportunities (long and short) in three main sectors: consumer & services, industrials, and real estate. The firm assesses relative value between equity and credit opportunities on a company-specific, subsector specific (among peer groups), and macro level to identify strong, risk-adjusted investments. They seek to invest opportunistically across the capital structure and may at times employ equity positions as a hedge to credit positions, or vice versa.Gratia looks for long position opportunities that they believe exhibit compelling characteristics that will lead to mark-to-market price appreciation and/or capital return (dividends, interest, etc.). In general, the firm expects to take long positions in companies that are perceived to have stable prospects and attractive, growing free cash flow yields and good valuation multiples. Gratia prefers shorts in businesses that are perceived to have weak or declining business prospects, or business prospects dwarfed by peers, with respect to which Gratia has taken a long position. They may make investments outside of these general criteria depending on valuation and other factors. Investments are primarily focused in the US, although Gratia will opportunistically invest in other developed markets. In non-U.S. markets, Gratia primarily trades equities, and to a limited extent, corporate credit. The most common non-US markets that Gratia trades in include: Canada, Australia, United Kingdom, France, and Germany. In normal market conditions, the firm targets equity-like returns and, will likely hold more gross equity exposure than gross credit exposure. However, as Gratia seeks to be opportunistic in their weighting of equity versus credit, the proportions could change. In addition, Gratia may borrow money to purchase securities on margin.

Apollo Global Private Equity is an active manager which makes investments in the form of opportunistic buyouts and build-ups, corporate carve-outs, and distressed investments. The sectors in which the invests financial services, business services, consumer services, chemicals, natural resources, consumer & retail, leisure, manufacturing & industrial & media, telecom & technology, energy, metals & mining, and agriculture sectors. It also makes co-investments along with other flagship funds. The firm geographic focuses on mid-sized distressed companies located across the globe, primarily in North America.