Allied Gaming & Entertainment Says Knighted Pastures Is Attempting To Acquire Control Of AGAE Without Paying A Control Premium Or Constructively Engaging With AGAE's Board Of Directors, Also Undertaken Litigation That AGAET, hereby Causing The Company To Incur One-Time Pre-Tax Expense Of ~$3M For Q2 2024, Which Will Have A Negative Impact On Our Net Income And EPS

Author: Benzinga Newsdesk | August 13, 2024 04:43pm

Allied Gaming & Entertainment, Inc.(NASDAQ:AGAE) (the "Company" or "AGAE"), a global experiential entertainment company, announced today the following updates:

• Knighted Pastures LLC ("Knighted"), led by Roy Choi, is attempting to acquire control of AGAE without paying a control premium or constructively engaging with AGAE's Board of Directors. Specifically, Knighted has nominated three individuals to AGAE's Board for election at the Company's 2024 Annual Meeting of Stockholders and is also purporting to attempt to remove for cause an additional three directors at the annual meeting, which the Company views as entirely without merit and detrimental to the interest of our stockholders. To further undermine the Company, Knighted has also undertaken litigation that AGAE has been forced to respond to, thereby causing the Company to incur significant and unnecessary costs that negatively impacted the Company's financial performance.
  • As a result of Knighted's harmful actions, AGAE will record a one-time pre-tax expense of approximately $3 million for the second quarter of 2024, which will have a negative impact on our net income and EPS

Posted In: AGAE