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Allied Gaming & Entertainment Inc. (NASDAQ: AGAE) is a leading global experiential entertainment company dedicated to offering unique experiences to the burgeoning world of gamers and entertainment enthusiasts. The company boasts a diverse portfolio of renowned assets, products, and services that cater to a wide audience through its strategic business units: Allied Esports International, Allied Experiential Entertainment, and Allied Mobile Entertainment.
AGAE recently announced its financial results for the second quarter of 2023, showcasing a significant revenue increase of 182% year-over-year, reaching $3.3 million. This growth was driven by the continued success of its original content sponsorship and new arena and mobile truck sponsorships. The company also reported a net loss improvement to $0.7 million, down from $3.7 million in the previous year, highlighting its focus on streamlining expenses.
In terms of strategic initiatives, AGAE has restructured into three fully owned subsidiaries to optimize resources and provide investors with greater clarity. Allied Esports International, one of these subsidiaries, hosted 99 events in Q2 2023, including the successful second season of the original content series ELEVATED. Additionally, AGAE extended its exclusive naming rights agreement with HyperX/HP, ensuring that its flagship arena in Las Vegas remains a key attraction.
The company also made a strategic investment in Beijing Lianzhong Zhihe Technology Co., a prominent mobile games developer, marking a significant expansion into the mobile gaming sector. This venture is expected to contribute positively to AGAE's financial performance and enhance shareholder value.
With a strong balance sheet, including $82.2 million in cash and short-term investments as of June 30, 2023, AGAE is well-positioned to continue its growth trajectory. The company remains committed to its vision of becoming a leading and trusted entity in the gaming and entertainment industry.
Allied Gaming & Entertainment (NASDAQ: AGAE) responds to a derivative lawsuit filed by Knighted Pastures, against the company's directors regarding the Yellow River strategic investment. The company states the lawsuit is without merit and views it as an attempt by Knighted and Roy Choi to gain control at a discounted price. Seven of eight AGAE board members are independent directors who thoroughly vetted the Yellow River transaction. The company previously offered Knighted a board seat, which was rejected in favor of demanding four out of seven board seats. AGAE maintains these actions aim to protect long-term stockholder value while executing announced business strategies.
Allied Gaming & Entertainment (NASDAQ: AGAE) reported Q3 2024 financial results with total revenues of $2.2 million, up 93% year-over-year. The increase was driven by a $0.2 million rise in In-person event revenues at HyperX arena and $0.8 million growth in casual mobile gaming revenues. The company reported a net loss of $4.0 million, primarily due to a $3.0 million settlement with BPR and $1.2 million in unrealized foreign currency losses. HyperX Arena hosted 61 event days, and the company maintained a strong cash position of $80.2 million. AGAE also announced a strategic investment from Yellow River Global Capital to enhance growth opportunities.
Allied Gaming & Entertainment (NASDAQ: AGAE) has announced it will release its third quarter 2024 financial results after market close on Thursday, November 14th. The company will host a conference call at 2:00 p.m. PT / 5:00 p.m. ET on the same day to discuss the results. Investors can join via phone or watch the live webcast on the company's Investor Relations site. A replay will be available until November 28, 2024.
Allied Gaming & Entertainment (NASDAQ: AGAE) has secured a strategic investment from Yellow River Global Capital, comprising $6.6 million for 6 million shares of common stock. Yellow River will also receive warrants to purchase an additional 6 million shares at $1.80 per share over five years. As part of the agreement, Yellow River gained the right to appoint one Class A Director, selecting Zongmin (Philip) Ding, who brings extensive experience from various director and management roles. The partnership aims to enhance AGAE's growth potential in location-based entertainment chains and entertainment content IP acquisition.
Allied Gaming & Entertainment (NASDAQ: AGAE) has responded to recent Schedule 13D filings by stockholders Ourgame International Holdings and Knighted Pastures Ourgame demanded permission to acquire additional shares and amend AGAE's Bylaws, citing a 2018 merger agreement. AGAE's Board rejected these demands, deeming them contrary to the company's and stockholders' interests. Ourgame also recommended two candidates for the Board, which will be reviewed by the Nominating and Corporate Governance Committee.
Knighted Pastures requested AGAE to hold its 2024 Annual Meeting of Stockholders. In compliance with Nasdaq requirements, AGAE plans to hold the meeting by December 31, 2024. The Board reaffirms its commitment to serving the best interests of the company and all stockholders, focusing on AGAE's long-term success.
Allied Gaming & Entertainment (NASDAQ: AGAE) acknowledges a recent filing by shareholder Ourgame International Holdings , which includes a legal letter sent to AGAE's Board of Directors. Ourgame expresses opposition to certain actions taken by AGAE's Board and management, citing concerns over the impact on their interests as a shareholder.
AGAE respects shareholder opinions and is committed to open engagement. While actively responding to the letter's requests, AGAE disagrees with Ourgame's characterization of the Board's recent decisions. The company affirms that its Board has always acted, and will continue to act, in a manner that is transparent, fair, and consistent with its fiduciary duties, prioritizing the best interests of the Company and all shareholders.
Allied Gaming & Entertainment (NASDAQ: AGAE) reported Q2 2024 financial results, showing mixed performance. Total revenues increased 11% quarter-over-quarter to $2.6 million but decreased 19% year-over-year. The company announced the launch of the World Mahjong Tour, set to debut in spring 2025. Net loss for Q2 2024 was $3.9 million, compared to a $0.7 million loss in the prior year period. Adjusted EBITDA loss was $1.4 million. The company's cash position strengthened to $95.2 million as of June 30, 2024. HyperX Arena hosted 65 event days in Q2, including 25 proprietary and 40 third-party events. AGAE faces challenges with increased costs, primarily due to legal expenses related to an activist shareholder.
Allied Gaming & Entertainment (NASDAQ: AGAE) has announced the launch of the World Mahjong Tour (WMT), a global series of Mahjong events. The inaugural WMT Premier event finale is set for Spring 2025 at AGAE's HyperX Arena in Las Vegas. Supported by the Global Mahjong Association and China Mahjong Association, the WMT will feature online qualifications and live tournaments. The tour will also introduce mobile games, Mahjong-themed content, and a membership services model. AGAE CEO Yinghua Chen expressed excitement about the launch, promising more details soon. The WMT aims to capitalize on AGAE's expertise in creating world-class gaming experiences, following a business model similar to the World Poker Tour.
Allied Gaming & Entertainment (NASDAQ: AGAE) has announced it will report its second quarter 2024 results after market close on Monday, August 19th. The company will host a conference call to discuss the results at 2:00 p.m. PT / 5:00 p.m. ET on the same day. Participants can join the call by dialing 1-800-225-9448 (US) or 1-203-518-9708 (international) with the conference ID "Allied". A live webcast will be available on the company's Investor Relations site. For those unable to attend, a telephonic replay will be accessible until September 2, 2024, by dialing 1-844-512-2921 (US) or 1-412-317-6671 (International) with the passcode: 11156478.
Allied Gaming & Entertainment (NASDAQ: AGAE) has provided updates ahead of its Q2 2024 earnings release. The company is facing a takeover attempt by Knighted Pastures , led by Roy Choi, without a control premium offer. Knighted has nominated three individuals to AGAE's Board and is attempting to remove three additional directors. AGAE views these actions as detrimental to stockholders' interests. The company will record a one-time pre-tax expense of approximately $3 million in Q2 2024 due to litigation costs, negatively impacting net income and EPS. CEO Yinghua Chen emphasized the company's commitment to cautious and strategic deployment of its cash balance to improve financial performance and enhance shareholder value.
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