Allied Esports Entertainment Receives Notification from Nasdaq Related to Delayed Quarterly Report On Form 10-Q
23 Mayo 2022 - 3:15PM
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 Company's receipt of a letter
from the Listing Qualification Department of Nasdaq on May 19, 2022
notifying the Company that because the Company has not yet filed
its Form 10-Q for the period ended March 31, 2022, and because the
Company remains delinquent in filing its Form 10-K for the period
ended December 31, 2021, the Company no longer complies with
Nasdaq’s Listing Rule 5250(c)(1), which rule requires companies
with securities listed on Nasdaq to timely file all required
periodic reports with the U.S. Securities and Exchange Commission.
Pursuant to such notice, the Company will have until June 20, 2022
to submit a plan to Nasdaq to regain compliance. If the plan is
accepted, Nasdaq can grant an exception of up to 180 days from the
due date of the filing, or until October 12, 2022, to regain
compliance.
In July 2021, the Company sold its World Poker Tour business
(the “WPT”) to a third party. The Company’s auditors have requested
the verification of certain information related to the operations
of WPT prior to the sale as part of the preparation of the
aforementioned Form 10-K, which the Company is coordinating with
WPT to provide as expeditiously as possible.
As announced earlier today, the Company expects to file its Form
10-K for the period ending December 31, 2021 after the market close
on Wednesday, May 25, 2022, and thereafter hold a conference call
with investors at 2pm PT / 5pm ET that same day.
About Allied Esports Entertainment
Allied Esports Entertainment, Inc. (Nasdaq: AESE) is a global
esports entertainment venture dedicated to providing transformative
live experiences, multiplatform content and interactive services to
audiences worldwide. For more information, visit
alliedesports.gg.
Forward Looking Statements
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 terminology such as “may,” “will,” “should,”
“expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” “intend” or “continue,” the negative of such terms, or
other comparable terminology. These statements are subject to known
and unknown risks, uncertainties, assumptions and other factors
that may cause actual results to be materially different 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 outside our control, that could cause
actual results or outcomes to differ materially from those
discussed in these forward-looking statements. Important factors,
among others, that may affect actual results or outcomes include:
the ability to meet Nasdaq’s continued listing standards; our
ability to execute on our business plan; the ability to retain key
personnel; potential litigation; general economic and market
conditions impacting demand for our services; a change in our plans
to retain the net cash proceeds from the WPT sale transaction; our
inability to enter into one or more future acquisition or strategic
transactions using the net proceeds from the WPT sale transaction;
and our ability, or a decision not to pursue strategic options for
the esports business. 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
publicly the result of any revision to these forward-looking
statements that may be made to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events. Further information on potential factors that could affect
our business and results is described under “Item 1A. Risk Factors”
in our Annual Report on Form 10-K for the 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 made in
such Annual Report on Form 10-K and in subsequent reports with the
SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20220523005889/en/
Investor Contact: Lasse Glassen Addo Investor Relations
lglassen@addo.com 424-238-6249
Media Contact: Brian Fisher Allied Esports Entertainment
brian@alliedesports.com
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