[FWP] Morgan Stanley Free Writing Prospectus
PlayAGS, Inc. ("AGS") has filed Post-Effective Amendment No. 1 to three prior Form S-8 registration statements in order to deregister all shares that remain unsold or unissued under its equity-compensation plans. The action follows the closing of the June 30, 2025 merger in which Bingo Merger Sub, Inc. merged with and into AGS, making the company a wholly owned subsidiary of Bingo Holdings I, LLC, an affiliate of Brightstar Capital Partners. The affected S-8 filings had originally registered 3,500,000 shares (2018), 3,000,000 shares (2020) and 5,000,000 shares (2022), respectively, for a cumulative 11,500,000 shares tied to the Omnibus Incentive Plan and predecessor plan. Because the public company no longer exists as an independent issuer, AGS has terminated all related offerings and formally removed the unsold shares from registration, thereby ending the effectiveness of the three S-8 statements.
PlayAGS, Inc. ("AGS") ha presentato l'Emendamento Post-Efficace n. 1 a tre precedenti dichiarazioni di registrazione Modulo S-8 al fine di cancellare la registrazione di tutte le azioni ancora invendute o non emesse nell'ambito dei suoi piani di compensazione azionaria. Questa azione segue la chiusura della fusione del 30 giugno 2025, in cui Bingo Merger Sub, Inc. si è fusa con AGS, rendendo la società una controllata interamente posseduta da Bingo Holdings I, LLC, affiliata a Brightstar Capital Partners. Le dichiarazioni S-8 interessate avevano originariamente registrato rispettivamente 3.500.000 azioni (2018), 3.000.000 azioni (2020) e 5.000.000 azioni (2022), per un totale cumulativo di 11.500.000 azioni legate al Piano Incentivi Omnibus e al piano predecessore. Poiché la società pubblica non esiste più come emittente indipendente, AGS ha terminato tutte le offerte correlate e ha formalmente rimosso le azioni invendute dalla registrazione, ponendo così fine all’efficacia delle tre dichiarazioni S-8.
PlayAGS, Inc. ("AGS") ha presentado la Enmienda Post-Efectiva No. 1 a tres declaraciones de registro Formulario S-8 anteriores para cancelar la inscripción de todas las acciones que permanezcan sin vender o sin emitir bajo sus planes de compensación accionaria. Esta acción sigue al cierre de la fusión del 30 de junio de 2025, en la cual Bingo Merger Sub, Inc. se fusionó con AGS, convirtiendo a la compañía en una subsidiaria de propiedad total de Bingo Holdings I, LLC, afiliada a Brightstar Capital Partners. Las presentaciones S-8 afectadas habían registrado originalmente 3,500,000 acciones (2018), 3,000,000 acciones (2020) y 5,000,000 acciones (2022), respectivamente, para un total acumulado de 11,500,000 acciones vinculadas al Plan de Incentivos Omnibus y su plan predecesor. Debido a que la empresa pública ya no existe como emisor independiente, AGS ha terminado todas las ofertas relacionadas y ha eliminado formalmente las acciones no vendidas de la inscripción, poniendo fin así a la vigencia de las tres declaraciones S-8.
PlayAGS, Inc.("AGS")는 자사 주식 보상 계획에 따라 미판매 또는 미발행된 모든 주식의 등록을 말소하기 위해 이전 세 건의 Form S-8 등록서류에 대해 사후 효력 수정안 1호를 제출했습니다. 이 조치는 2025년 6월 30일에 종료된 합병에 따른 것으로, Bingo Merger Sub, Inc.가 AGS와 합병되어 AGS가 Brightstar Capital Partners의 계열사인 Bingo Holdings I, LLC의 전액 출자 자회사가 되었습니다. 해당 S-8 제출서류는 원래 2018년에 3,500,000주, 2020년에 3,000,000주, 2022년에 5,000,000주를 각각 등록하여 총 11,500,000주가 Omnibus 인센티브 플랜 및 이전 플랜과 연계되어 있었습니다. 상장회사가 더 이상 독립 발행인으로 존재하지 않기 때문에 AGS는 관련 공모를 모두 종료하고 미판매 주식을 등록에서 공식적으로 삭제하여 세 건의 S-8 서류의 효력을 종료했습니다.
PlayAGS, Inc. (« AGS ») a déposé un Amendement Post-Efficace n° 1 à trois déclarations d’enregistrement antérieures au formulaire S-8 afin de déréférencer toutes les actions restant invendues ou non émises dans le cadre de ses plans de rémunération en actions. Cette démarche fait suite à la clôture de la fusion du 30 juin 2025 au cours de laquelle Bingo Merger Sub, Inc. a fusionné avec AGS, faisant de la société une filiale à part entière de Bingo Holdings I, LLC, affiliée à Brightstar Capital Partners. Les dépôts S-8 concernés avaient initialement enregistré respectivement 3 500 000 actions (2018), 3 000 000 actions (2020) et 5 000 000 actions (2022), soit un total cumulé de 11 500 000 actions liées au Plan d’Incitation Omnibus et à son plan prédécesseur. Étant donné que la société cotée n’existe plus en tant qu’émetteur indépendant, AGS a mis fin à toutes les offres associées et a officiellement retiré les actions invendues de l’enregistrement, mettant ainsi fin à l’efficacité des trois déclarations S-8.
PlayAGS, Inc. ("AGS") hat die Nachwirkungsänderung Nr. 1 zu drei früheren Formular-S-8-Registrierungserklärungen eingereicht, um alle noch nicht verkauften oder ausgegebenen Aktien im Rahmen seiner aktienbasierten Vergütungspläne zu entregistrieren. Diese Maßnahme folgt dem Abschluss der Fusion vom 30. Juni 2025, bei der Bingo Merger Sub, Inc. mit AGS verschmolzen wurde, wodurch das Unternehmen eine hundertprozentige Tochtergesellschaft von Bingo Holdings I, LLC, einem Partner von Brightstar Capital Partners, wurde. Die betroffenen S-8-Anmeldungen hatten ursprünglich jeweils 3.500.000 Aktien (2018), 3.000.000 Aktien (2020) und 5.000.000 Aktien (2022) registriert, was kumulativ 11.500.000 Aktien im Zusammenhang mit dem Omnibus-Anreizplan und dem Vorgängerplan ergibt. Da das börsennotierte Unternehmen nicht mehr als unabhängiger Emittent existiert, hat AGS alle zugehörigen Angebote eingestellt und die nicht verkauften Aktien formell aus der Registrierung entfernt, wodurch die Wirksamkeit der drei S-8-Erklärungen beendet wurde.
- Completion of Brightstar-backed merger confirmed by filing, providing final legal clarity.
- Administrative cost reduction as unused S-8 registrations are terminated.
- No further equity can be issued under the former incentive plans, eliminating potential share-based compensation using public securities.
Insights
TL;DR: Procedural S-8 amendment; cleans up registration after go-private merger; limited market impact.
This filing is a routine post-merger housekeeping step. Once AGS was acquired by Brightstar’s affiliate on 6/30/25, it could no longer issue public equity under its incentive plans. The company therefore invokes its undertakings to withdraw the 11.5 million unsold shares registered on Form S-8. No new obligations or liabilities are created, and no consideration changes hands. For legal compliance, the amendment also terminates the effectiveness of the three S-8 statements, preventing any inadvertent reliance on them. Overall impact on former public shareholders is negligible because the merger consideration was set on closing; current employees will now rely on private-company equity arrangements.
TL;DR: Neutral filing; confirms AGS is private and cancels unissued incentive shares.
The amendment provides clarity that AGS’s public equity programs are shuttered post-takeover. From an investment standpoint, the cash-out (or roll-over) terms were locked in at merger close, so today’s deregistration has no valuation effect on legacy AGS holders or on any securities still trading in the market. It simply removes dormant capacity that could not be used after the company delisted. Therefore, the disclosure is administrative and not impactful for portfolio positioning.
PlayAGS, Inc. ("AGS") ha presentato l'Emendamento Post-Efficace n. 1 a tre precedenti dichiarazioni di registrazione Modulo S-8 al fine di cancellare la registrazione di tutte le azioni ancora invendute o non emesse nell'ambito dei suoi piani di compensazione azionaria. Questa azione segue la chiusura della fusione del 30 giugno 2025, in cui Bingo Merger Sub, Inc. si è fusa con AGS, rendendo la società una controllata interamente posseduta da Bingo Holdings I, LLC, affiliata a Brightstar Capital Partners. Le dichiarazioni S-8 interessate avevano originariamente registrato rispettivamente 3.500.000 azioni (2018), 3.000.000 azioni (2020) e 5.000.000 azioni (2022), per un totale cumulativo di 11.500.000 azioni legate al Piano Incentivi Omnibus e al piano predecessore. Poiché la società pubblica non esiste più come emittente indipendente, AGS ha terminato tutte le offerte correlate e ha formalmente rimosso le azioni invendute dalla registrazione, ponendo così fine all’efficacia delle tre dichiarazioni S-8.
PlayAGS, Inc. ("AGS") ha presentado la Enmienda Post-Efectiva No. 1 a tres declaraciones de registro Formulario S-8 anteriores para cancelar la inscripción de todas las acciones que permanezcan sin vender o sin emitir bajo sus planes de compensación accionaria. Esta acción sigue al cierre de la fusión del 30 de junio de 2025, en la cual Bingo Merger Sub, Inc. se fusionó con AGS, convirtiendo a la compañía en una subsidiaria de propiedad total de Bingo Holdings I, LLC, afiliada a Brightstar Capital Partners. Las presentaciones S-8 afectadas habían registrado originalmente 3,500,000 acciones (2018), 3,000,000 acciones (2020) y 5,000,000 acciones (2022), respectivamente, para un total acumulado de 11,500,000 acciones vinculadas al Plan de Incentivos Omnibus y su plan predecesor. Debido a que la empresa pública ya no existe como emisor independiente, AGS ha terminado todas las ofertas relacionadas y ha eliminado formalmente las acciones no vendidas de la inscripción, poniendo fin así a la vigencia de las tres declaraciones S-8.
PlayAGS, Inc.("AGS")는 자사 주식 보상 계획에 따라 미판매 또는 미발행된 모든 주식의 등록을 말소하기 위해 이전 세 건의 Form S-8 등록서류에 대해 사후 효력 수정안 1호를 제출했습니다. 이 조치는 2025년 6월 30일에 종료된 합병에 따른 것으로, Bingo Merger Sub, Inc.가 AGS와 합병되어 AGS가 Brightstar Capital Partners의 계열사인 Bingo Holdings I, LLC의 전액 출자 자회사가 되었습니다. 해당 S-8 제출서류는 원래 2018년에 3,500,000주, 2020년에 3,000,000주, 2022년에 5,000,000주를 각각 등록하여 총 11,500,000주가 Omnibus 인센티브 플랜 및 이전 플랜과 연계되어 있었습니다. 상장회사가 더 이상 독립 발행인으로 존재하지 않기 때문에 AGS는 관련 공모를 모두 종료하고 미판매 주식을 등록에서 공식적으로 삭제하여 세 건의 S-8 서류의 효력을 종료했습니다.
PlayAGS, Inc. (« AGS ») a déposé un Amendement Post-Efficace n° 1 à trois déclarations d’enregistrement antérieures au formulaire S-8 afin de déréférencer toutes les actions restant invendues ou non émises dans le cadre de ses plans de rémunération en actions. Cette démarche fait suite à la clôture de la fusion du 30 juin 2025 au cours de laquelle Bingo Merger Sub, Inc. a fusionné avec AGS, faisant de la société une filiale à part entière de Bingo Holdings I, LLC, affiliée à Brightstar Capital Partners. Les dépôts S-8 concernés avaient initialement enregistré respectivement 3 500 000 actions (2018), 3 000 000 actions (2020) et 5 000 000 actions (2022), soit un total cumulé de 11 500 000 actions liées au Plan d’Incitation Omnibus et à son plan prédécesseur. Étant donné que la société cotée n’existe plus en tant qu’émetteur indépendant, AGS a mis fin à toutes les offres associées et a officiellement retiré les actions invendues de l’enregistrement, mettant ainsi fin à l’efficacité des trois déclarations S-8.
PlayAGS, Inc. ("AGS") hat die Nachwirkungsänderung Nr. 1 zu drei früheren Formular-S-8-Registrierungserklärungen eingereicht, um alle noch nicht verkauften oder ausgegebenen Aktien im Rahmen seiner aktienbasierten Vergütungspläne zu entregistrieren. Diese Maßnahme folgt dem Abschluss der Fusion vom 30. Juni 2025, bei der Bingo Merger Sub, Inc. mit AGS verschmolzen wurde, wodurch das Unternehmen eine hundertprozentige Tochtergesellschaft von Bingo Holdings I, LLC, einem Partner von Brightstar Capital Partners, wurde. Die betroffenen S-8-Anmeldungen hatten ursprünglich jeweils 3.500.000 Aktien (2018), 3.000.000 Aktien (2020) und 5.000.000 Aktien (2022) registriert, was kumulativ 11.500.000 Aktien im Zusammenhang mit dem Omnibus-Anreizplan und dem Vorgängerplan ergibt. Da das börsennotierte Unternehmen nicht mehr als unabhängiger Emittent existiert, hat AGS alle zugehörigen Angebote eingestellt und die nicht verkauften Aktien formell aus der Registrierung entfernt, wodurch die Wirksamkeit der drei S-8-Erklärungen beendet wurde.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,098
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
SPX Buffered PLUS due August 5, 2030
This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, index supplement and prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision.
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Terms |
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Issuer: |
Morgan Stanley Finance LLC |
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Guarantor: |
Morgan Stanley |
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Underlier: |
S&P 500® Index (SPX) |
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Maximum payment at maturity: |
$1,510 to $1,560 per security (151% to 156% of the stated principal amount) |
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Leverage factor: |
150% |
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Buffer amount: |
20% (80% maximum loss)1 |
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Pricing date: |
July 31, 2025 |
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Observation date: |
July 31, 2030 |
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Maturity date: |
August 5, 2030 |
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CUSIP: |
61778NCU3 |
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Estimated value: |
$955.80 per security, or within $55.00 of that estimate |
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Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225035578/ms9098_424b2-19355.htm |
1All payments are subject to our credit risk
Hypothetical Payment at Maturity1
The payoff diagram and table below illustrate the payment at maturity for a range of hypothetical performances of the underlier over the term of the securities.
|
% Change in Closing Level of the Underlier |
Payment at Maturity per Security |
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+100.00% |
$1,510.00* |
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+80.00% |
$1,510.00* |
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+60.00% |
$1,510.00* |
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+40.00% |
$1,510.00* |
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+34.00% |
$1,510.00 |
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+30.00% |
$1,450.00 |
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+20.00% |
$1,300.00 |
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+10.00% |
$1,150.00 |
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0.00% |
$1,000.00 |
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-10.00% |
$1,000.00 |
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-20.00% |
$1,000.00 |
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-21.00% |
$990.00 |
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-40.00% |
$800.00 |
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-60.00% |
$600.00 |
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-80.00% |
$400.00 |
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-100.00% |
$200.00 |
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*Assumes a maximum payment at maturity of $1,510 per security |
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The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837.
Underlier(s)
For more information about the underlier(s), including historical performance information, see the accompanying preliminary pricing supplement.
Risk Considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.
Risks Relating to an Investment in the Securities
●The securities provide for only the minimum payment at maturity and do not pay interest.
●The appreciation potential of the securities is limited by the maximum payment at maturity.
●The amount payable on the securities is not linked to the value of the underlier at any time other than the observation date.
●The market price of the securities may be influenced by many unpredictable factors.
●The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities.
●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.
●The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices.
●The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.
●The securities will not be listed on any securities exchange and secondary trading may be limited.
●As discussed in more detail in the accompanying product supplement, investing in the securities is not equivalent to investing in the underlier(s).
●The U.S. federal income tax consequences of an investment in the securities are uncertain.
Risks Relating to the Underlier(s)
●Because your return on the securities will depend upon the performance of the underlier(s), the securities are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.
oAdjustments to an underlying index could adversely affect the value of the securities.
Risks Relating to Conflicts of Interest
●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.
●Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.
Tax Considerations
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Additional Information About the Securities– United States federal income tax considerations” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.
FAQ
Why did PlayAGS (AGS) file a Post-Effective Amendment on Form S-8?
How many AGS shares are being deregistered?
What triggered the need to remove these shares from registration?
Does this deregistration affect existing AGS shareholders?
Will PlayAGS issue new equity under its Omnibus Incentive Plan in the future?
