Allied Gaming & Entertainment Announces Strategic Investment from Elite Fun Entertainment Co.
December 28 2023 - 4:05PM
Business Wire
Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE) (the
“Company” or “AGAE”), a global experiential entertainment company,
announced today that Elite Fun Entertainment Co. Ltd., a premier
player in the Macau cultural and entertainment industry, has agreed
to a strategic investment in AGAE.
“We are thrilled to announce this investment by Elite Fun
Entertainment, who has profound expertise in orchestrating live
events across Asia, notably within China’s Greater Bay,” said
Yinghua Chen, Chief Executive Officer of AGAE. “This collaboration
with Elite Fun Entertainment aligns seamlessly with our vision for
Allied. Their established partnerships with industry giants like
Tencent and Douyin (Bytedance) will be instrumental in amplifying
our show and artists’ promotions on these globally acclaimed
platforms. Furthermore, their ticketing service channels will
enhance the experience for attendees at our upcoming large-scale
events in the region.”
Terms of Deal
On December 28, 2023, Elite Fun Entertainment Co., Ltd. agreed
to acquire 7,330,000 shares of Allied Gaming & Entertainment’s
common stock at a purchase price of $0.90 per share for a total
purchase price of $6,597,000. In addition, the parties have agreed
to negotiate and finalize a collaboration or partnership agreement
under which Elite Fun Entertainment Co., Ltd. will assist the
Company with organizing live shows and events in Asia.
About Allied Gaming & Entertainment
Allied Gaming & Entertainment Inc. (Nasdaq: AGAE) is a
global experiential entertainment company focused on providing a
growing world of gamers with unique experiences through renowned
assets, products and services. For more information, visit
alliedgaming.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. The inclusion of
such information should not be regarded as a representation by the
Company, or any person, that the objectives of the Company will be
achieved. Important factors, among others, that may affect actual
results or outcomes include: risks associated with our ability to
execute on our current and future business and strategic plans; our
strategic partnerships; the substantial uncertainties inherent in
the acceptance of existing and future products and services; our
ability to acquire and integrate new businesses and assets, the
ability to retain key personnel; general economic and market
conditions impacting demand for our services; our inability to
enter into one or more future acquisition or strategic transactions
using our cash reserve; 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 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 December 31, 2022, as filed with the
SEC on March 24, 2023, as amended, on April 27, 2023 and May 3,
2023 (the “Annual Report”), 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 and
in subsequent reports with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20231228399841/en/
Investor Contact: Tyler Drew Addo Investor Relations
ir@alliedgaming.gg
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