NEW YORK, April 21, 2022–(BUSINESS WIRE)–Allied Esports Entertainment, Inc. (NASDAQ:AESE) (the “Company” or “AESE”), a global esports entertainment company, today filed a current report on Form 8-K with the Securities and Exchange Commission (the “SEC”) announcing the receipt by the Company of a notice (the “Notice”) from Nasdaq advising the Company that the Company is in non-compliance with the periodic filing requirements for continued listing set forth in Nasdaq Listing Rule 5250 ( (c)(1) (the “Rule”) by reason of its failure to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “Form 10-K”) with the SEC prior to the due date required.
Under Nasdaq rules, the company has 60 calendar days from receipt of the notice to submit a plan to restore compliance with the rule. If Nasdaq accepts the Company’s plan, Nasdaq may grant an exception of up to 180 calendar days from the due date of the Form 10-K to restore compliance. However, there can be no assurance that Nasdaq will accept the Company’s plan to regain compliance or that the Company will be able to regain compliance during any extension period granted by Nasdaq. If the Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearing Panel. The advice received from Nasdaq has no immediate effect on the listing or trading of the Company’s common stock. However, if the Company fails to timely comply with the Rule, the Company’s common stock will be subject to delisting from Nasdaq.
In July 2021, the Company sold its World Poker Tour business (the “WPT”) to a third party. The Company’s auditors have requested verification of certain information relating to WPT’s operations prior to the sale in connection with the preparation of Form 10-K, which the Company is coordinating with WPT to provide as expeditiously as possible.
About Allied Esports Entertainment
Allied Esports Entertainment, Inc. (Nasdaq: AESE) is a global esports entertainment company dedicated to delivering transformative live experiences, cross-platform content and interactive services to audiences around the world. For more information, visit alliedesports.gg.
This 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 words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, ” estimates”, “predicts”, “potential”, “intends” or “continues”, the negative of these terms, or any other comparable terminology. These statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results to differ materially from those contemplated by the forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond our control. , which could lead to actual results or outcomes. differ materially from those referred to in these forward-looking statements. Important factors, among others, that may affect actual results or results include: the ability to meet Nasdaq’s continuing listing standards; our ability to execute our business plan; the ability to retain key personnel; potential litigation; general economic and market conditions affecting demand for our services; a change in our plans to retain the net cash proceeds of the WPT sale transaction; our inability to complete one or more future acquisitions or strategic transactions using the net proceeds of the WPT sale transaction; and our ability, or a decision not to pursue strategic options for the esports industry. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. The business and operations of AESE are subject to substantial risks, which increase the uncertainty inherent in the forward-looking statements contained in this communication. Except as required by law, we undertake no obligation to release the outcome of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events. . Further information about potential factors that could affect our business and results is described under “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC on April 13, 2021, as well as subsequent reports we file with the SEC. Readers are also urged to carefully review and consider the various disclosures we have provided in this Annual Report on Form 10-K and in subsequent filings with the SEC.
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