Allied Esports Entertainment Adjourns Annual Stockholder Meeting

IRVINE, Calif.--(BUSINESS WIRE)-- Allied Esports Entertainment, Inc. (NASDAQ: AESE) (the “Company” or “AESE”), a global esports entertainment company, today announced that the Company convened and immediately adjourned its Annual Meeting of Shareholders on October 14, 2021, without any business being conducted, due to the fact that a quorum was not present. The Annual Meeting will be reconvened to a later date to be determined by the Company’s Board of Directors to allow the Company additional time to solicit proxies to obtain a quorum. The Company intends to file a press release announcing the date and time on which it will reconvene the Annual Meeting.

About Allied Esports Entertainment

Allied Esports Entertainment (NASDAQ: AESE) is a global esports entertainment venture dedicated to providing transformative live experiences, multiplatform content and interactive services to audiences worldwide. For more information, visit alliedesports.gg.

Forward Looking Statements

This communication contains certain forward-looking statements under federal securities laws. Forward-looking statements may include our statements regarding our goals, beliefs, strategies, objectives, plans, including product and service developments, future financial conditions, results or projections or current expectations. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” the negative of such terms, or other comparable terminology. These statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results to be materially different from those contemplated by the forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside our control, that could cause actual results or outcomes to differ materially from those discussed in these forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the ability to meet Nasdaq’s continued listing standards; our ability to execute on our business plan; the ability to retain key personnel; potential litigation; general economic and market conditions impacting demand for our services; a change in our plans to retain the net cash proceeds from the WPT sale transaction; our inability to enter into one or more future acquisition or strategic transactions using the net proceeds from the WPT sale transaction; and a decision not to pursue strategic options for the esports business. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. The business and operations of AESE are subject to substantial risks, which increase the uncertainty inherent in the forward-looking statements contained in this communication. Except as required by law, we undertake no obligation to release publicly the result of any revision to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Further information on potential factors that could affect our business is described under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on April 13, 2021. Readers are also urged to carefully review and consider the various disclosures we made in such Annual Report on Form 10-K.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211014006082/en/

Investor Contact:

Lasse Glassen

Addo Investor Relations

lglassen@addo.com

424-238-6249

Media Contact:

Brian Fisher

Allied Esports Entertainment

brian@alliedesports.com

Source: Allied Esports Entertainment, Inc.

FAQ

Why was the AESE Annual Meeting adjourned on October 14, 2021?

The AESE Annual Meeting was adjourned due to the absence of a quorum.

When will the rescheduled AESE Annual Meeting take place?

The date for the reconvened AESE Annual Meeting has yet to be determined and will be announced in a future press release.

What is the significance of AESE not having a quorum at their Annual Meeting?

Not having a quorum means no official business could be conducted, and it may reflect shareholder disengagement.

What does a lack of quorum indicate for AESE shareholders?

A lack of quorum may indicate potential disengagement among AESE shareholders, affecting corporate governance.