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Allied Gaming & Entertainment Announces Strategic Investment from Elite Fun Entertainment Co.
NEW YORK--(BUSINESS WIRE)-- Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE) (the “Company” or “AGAE”), a global experiential entertainment company,
About this update from Allied Gaming & Entertainment Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nAllied 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.\n\n\n“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.”\n\n\nTerms of Deal\n\n\nOn 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.\n\n\nAbout Allied Gaming & Entertainment\n\n\nAllied 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.\n\n\nForward Looking Statements\n\n\nThis 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 othe...