Allied Esports Entertainment Announces Conclusion of Strategic Review Process and Rebranding
Allied Gaming & Entertainment (NASDAQ: AGAE), formerly known as Allied Esports Entertainment (NASDAQ: AESE), has concluded its strategic review, opting to restructure its esports operations and broaden its focus on entertainment and gaming. CEO
- Restructuring aims to broaden entertainment and gaming offerings.
- Appointment of CEO Robert Proctor brings extensive experience.
- Targeting a large market with 3.2 billion global gamers.
- Plans to leverage physical assets for enhanced engagement.
- Decision not to pursue a single business combination may limit immediate growth opportunities.
- Potential risks associated with restructuring strategy and execution.
Company to retain and restructure esports operations with focus on experiential entertainment and gaming products and services to expand addressable market
Corporate rebranding and name change to
“After a thorough review of potential M&A opportunities across a wide range of industries, we have decided our stockholders are best served by not pursuing a single significant transaction at this time,” said
In alignment with today’s announcement, the Company changed its corporate name and rebranded to “Allied Gaming & Entertainment Inc.” The Company’s common stock continues to be publicly traded on the Nasdaq Capital Market under the new ticker symbol “AGAE.”
In addition, the Company has appointed
“I am delighted to announce Rob’s appointment to Chief Executive Officer of
Under Proctor’s leadership,
- Leveraging the business’ unique physical assets, including HyperX Arena Las Vegas and the Allied Esports Trucks, to create and deliver hyper-engaged, integrated gameplay and viewing experiences across multiple content genres, such as entertainment, sports and esports;
- Seizing the scalability of virtual audiences to become the world’s leading live/virtual live experience content creator and broadcaster with an emphasis on direct audience monetization;
- Strengthening the Allied Esports brand through experiential, lifestyle and content offerings that reach a broader consumer base while delivering long-term value;
- Creating proprietary brand-forward content designed to build stronger partnerships across a multitude of advertising categories; and
- Growing and retaining audiences and users through the development of a new consumer platform.
In addition to reshaping the focus of
About
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,” “intend” 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 enter into one or more future acquisition or strategic transactions using the net proceeds from the sale of our World Poker Tour business in 2021; and a change in our plans to effectuate our stock repurchase program. 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 AGAE 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 and results is described under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended
View source version on businesswire.com: https://www.businesswire.com/news/home/20221130005951/en/
Investor Contact:
Addo Investor Relations
lglassen@addoir.com
424-238-6249
Media Contact:
brian@alliedesports.com
Source:
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