Allied Gaming & Entertainment Postpones 2024 Annual Meeting Due to Pending Lawsuit

Allied Gaming & Entertainment Inc. (NASDAQ: AGAE) recently announced the postponement of its 2024 Annual Meeting of Stockholders, which was initially slated for December 30, 2024. The delay comes as a result of a lawsuit filed by Knighted Pastures LLC (“Knighted”) against the company, impacting the ability to hold the meeting before the lawsuit’s resolution.

The Pending Lawsuit by Knighted accuses the company’s directors and certain third parties of breaching fiduciary duty concerning the approval of Yellow River Global Capital’s recent strategic investment in Allied Gaming & Entertainment. The company stands firm in asserting that this legal action is part of Knighted’s scheme to gain control of the company at a reduced price, jeopardizing long-term shareholder value.

Following regulatory requirements, Allied Gaming & Entertainment must reschedule the Annual Meeting and related deadlines until after resolving the Pending Lawsuit. The company is yet to determine the new date for the meeting, with updates promised to shareholders as soon as a decision is made.

In a press release dated December 23, 2024, the company highlighted the situation and emphasized its commitment to providing shareholders with further information as soon as possible. The postponement of the Annual Meeting adds a layer of uncertainty to the company’s immediate operational trajectory.

Allied Gaming & Entertainment Inc., known for its global experiential entertainment offerings, caters to gamers and concertgoers worldwide through a range of products and services.

The company’s future actions are expected to be guided by the evolving legal proceedings and the need to ensure continued transparency with all stakeholders. The company advises shareholders to remain updated on forthcoming announcements related to the rescheduling of the Annual Meeting.

Investors seeking additional details or clarifications are encouraged to contact Addo Investor Relations at [email protected] for further information.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Allied Gaming & Entertainment’s 8K filing here.

About Allied Gaming & Entertainment

Allied Gaming & Entertainment Inc provides entertainment and gaming products worldwide. It operates esports properties to connect players and fans through a network of connected arenas; a flagship gaming arena located at the Luxor Hotel in Las Vegas, Nevada; a mobile esports truck that serves as a battleground and content generation hub; and a studio for recording and streaming gaming events.