Business
Allied Esports Entertainment Announces Intent to Adjourn Special Stockholder Meeting to Approve WPT Sale Transaction
IRVINE, Calif.--(BUSINESS WIRE)-- Allied Esports Entertainment, Inc. (NASDAQ: AESE) (the “Company” or “AESE”), a global esports entertainment company, is
About this update from Allied Gaming & Entertainment Inc.
[{"type":"text","content":" IRVINE, Calif.--(BUSINESS WIRE)--\nAllied Esports Entertainment, Inc. (NASDAQ: AESE) (the “Company” or “AESE”), a global esports entertainment company, is providing an update regarding its special stockholder meeting to be held on June 28, 2021 (the “Special Meeting”) to consider and approve the Company’s sale of 100% of the outstanding capital stock of Club Services, Inc., or “CSI,” to Element Partners, LLC (the “WPT Sale Transaction”). CSI is an indirect wholly-owned subsidiary of the Company that directly or indirectly owns 100% of the outstanding capital stock of each of the legal entities that collectively operate or engage in the Company’s poker-related business and assets. The agenda for the Special Meeting also includes a proposal to adjourn the Special Meeting to a later date or time if necessary or appropriate, including to solicit additional proxies, if there are insufficient votes at the time of the Special Meeting to approve the WPT Sale Transaction.\n\nOurgame International Holdings Limited (“Ourgame”), the Company’s largest stockholder, beneficially owning approximately 30.6% of the Company’s outstanding common stock through Primo Vital Limited (“Primo”), its wholly owned subsidiary, has advised the Company that the Rules Governing the Listing of Securities of The Stock Exchange of Hong Kong Limited (such rules, the “Listing Rules” and such exchange, the “Hong Kong Stock Exchange”), on which Ourgame’s stock is listed, requires Ourgame to obtain approval from its stockholders prior to voting its shares of the Company’s common stock owned by Primo at the Special Meeting. Ourgame has further advised the Company that it has called an extraordinary general meeting of its stockholders (the “Ourgame Meeting”) to consider the approval of the WPT Sale Transaction, which is currently scheduled to take place on June 30, 2021 (Hong Kong time), after the date of the Special Meeting. If there are insufficient votes to approve the WPT Sale Transaction at the Special Meeting, the Company intends to adjourn the Special Meeting to a later date after the Ourgame Meeting on which Ourgame may vote its shares of common stock. Following any such adjournment, the Company intends to file a press release announcing the date and time on which it will reconvene the Special Meeting.\n\nAbout Allied Esports Entertainment\n\nAllied Esports Ent...