Allied Esports Entertainment Receives Notification from Nasdaq Related to Delayed Annual Report on Form 10-K
April 21 2022 - 4:23PM
Business Wire
Allied Esports Entertainment, Inc. (NASDAQ: AESE) (the
“Company” or “AESE”), a global esports entertainment company, today
filed a Current Report on Form 8-K with the Securities and Exchange
Commission (the "SEC") announcing the Company's receipt of a notice
(the "Notice") from Nasdaq notifying the Company that the Company
is not in compliance with the periodic filing requirements for
continued listing set forth in Nasdaq Listing Rule 5250(c)(1) (the
"Rule") as a result of its failure to file its Annual Report on
Form 10-K for the fiscal year ended December 31, 2021 (the "Form
10-K") with the SEC by the required due date.
Under the Nasdaq rules, the Company has 60 calendar days from
receipt of the Notice to submit a plan to regain compliance with
the Rule. If Nasdaq accepts the Company's plan, then Nasdaq may
grant an exception of up to 180 calendar days from the due date of
the Form 10-K to regain compliance. However, there can be no
assurance that Nasdaq will accept the Company's plan to regain
compliance or that the Company will be able to regain compliance
within any extension period granted by Nasdaq. If Nasdaq does not
accept the Company's plan, then the Company will have the
opportunity to appeal that decision to a Nasdaq hearings panel. The
notice received from Nasdaq has no immediate effect on the listing
or trading of the Company's shares of common stock. However, if the
Company fails to timely regain compliance with the Rule, the
Company's shares of common stock will be subject to delisting from
Nasdaq.
In July 2021, the Company sold its World Poker Tour business
(the “WPT”) to a third party. The Company’s auditors have requested
the verification of certain information related to the operations
of WPT prior to the sale as part of the preparation of the Form
10-K, which the Company is coordinating with WPT to provide as
expeditiously as possible.
About Allied Esports Entertainment
Allied Esports Entertainment, Inc. (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,” “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 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 our ability, or 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 and results 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, as well as
subsequent reports we file with the SEC. Readers are also urged to
carefully review and consider the various disclosures we made in
such Annual Report on Form 10-K and in subsequent reports with the
SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20220421005976/en/
Investor Contact: Lasse Glassen Addo Investor Relations
lglassen@addo.com 424-238-6249
Media Contact: Brian Fisher Allied Esports Entertainment
brian@alliedesports.com
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