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Allied Gaming & Entertainment, Inc. Acknowledges and Responds to Schedule 13D Filings by Stockholders
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, acknowledges recent Schedule 13D filings made by Ourgame International Holdings Limited, a stockholder of the Company (“Ourgame”) and Knighted Pastures LLC, a stockholder of the Company. In its filing, Ourgame disclosed a letter recently sent to the Company demanding the Company to permit Ourgame to acquire additional shares and to amend its Bylaws to meet certain purported obligations under a merger agreement executed in 2018. While AGAE's Board of Directors respects the rights of stockholders to make requests and take actions in order to protect their interests, Ourgame’s demands are clearly contrary to the interests of the Company and its stockholders and wholly inconsistent with not only the legal rights of Ourgame as a stockholder of the Company, but also the terms of the merger agreement. On October 4, 2024, the Company sent a response letter to Ourgame with a detailed and well-reasoned explanation of the legal basis and fiduciary rationales of the directors for rejecting such demands. Furthermore, in the Schedule 13D filing, Ourgame disclosed that it has submitted a recommendation for two candidates to be added to the Board. The Nominating and Corporate Governance Committee of the Board intends to review the qualifications of these candidates and will publicly disclose the results of such review in due course.\n\nIn addition, the Company acknowledges a Schedule 13D filing by Knighted Pastures LLC requesting the Company to hold the 2024 Annual Meeting of Stockholders (the “Annual Meeting”). In accordance with Nasdaq listing requirements, the Company intends to hold the Annual Meeting no later than December 31, 2024 and will notify stockholders through the filing and distribution of its definitive proxy statement of the Annual Meeting date.\n\nThe AGAE Board of Directors remains steadfast in its commitment to serving the best interests of the Company and all its stockholders, ensuring that AGAE continues to be well positioned for long-term success.\n\nAbout Allied Gaming & Entertainment\n\nAllied Gaming & Entertainment Inc. (Nasdaq: AGAE) is a global experiential entertainment company focused on providing a growing world of gamers and concertgoers with unique experiences th...