Allied Esports Entertainment Announces Intention to File Form 12b-25

Rhea-AI Summary

Allied Esports Entertainment (NASDAQ: AESE) announced a postponement of its third quarter earnings conference call initially set for today, due to a need for additional time to evaluate accounting for certain transactions. The company will submit a Notification of Late Filing to the SEC regarding its Form 10-Q for the quarter ending September 30, 2021, which was due on November 15, 2021. The company aims to file the report by November 22, 2021. The rescheduled call details will be announced later.

Positive

• Company aims to file Form 10-Q by November 22, 2021, indicating a proactive approach to compliance.

Negative

• Postponement of earnings call may create uncertainty among investors.
• Need for additional time to evaluate accounting may signal underlying issues affecting financial reporting.

Company postpones third quarter earnings conference call previously scheduled for today

IRVINE, Calif.--(BUSINESS WIRE)-- Allied Esports Entertainment, Inc. (NASDAQ: AESE) (the “Company” or “AESE”), a global esports entertainment company, announced today that it will submit to the Securities and Exchange Commission a Notification of Late Filing with respect to the Company’s Quarterly Report on Form 10-Q for the third quarter ended September 30, 2021. The Notification will state that the 10-Q could not be filed by its original due date, November 15, 2021, because the Company needs additional time to evaluate the accounting for certain transactions during the review period.

The Company expects to complete its evaluation shortly so that it will be in a position to file the Form 10-Q on or before November 22, 2021.

As a result of today’s announcement, the Company’s regularly scheduled conference call to discuss its third quarter 2021 financial results will be postponed. Details for the rescheduled conference call will be announced at a later date.

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/20211115006304/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 earnings conference call postponed?

The earnings conference call was postponed due to the company's need for additional time to evaluate the accounting for certain transactions.

When will AESE file its third quarter Form 10-Q?

Allied Esports Entertainment expects to file its Form 10-Q on or before November 22, 2021.

What is the original due date for AESE's third quarter Form 10-Q?

The original due date for AESE's third quarter Form 10-Q was November 15, 2021.

How does the delay in filing affect AESE's stock?

The delay in filing may create uncertainty among investors, potentially impacting AESE's stock performance.