Allied Esports Entertainment Board of Directors Authorizes $10 Million Stock Repurchase Program
21 Noviembre 2022 - 8:00AM
Business Wire
Allied Esports Entertainment, Inc. (NASDAQ: AESE) (the
“Company”), a global esports entertainment company, today announced
that the Company’s Board of Directors (the “Board”) has authorized
a stock repurchase program of up to $10 million of its outstanding
shares of common stock. The manner, timing and amount of any
purchase will be based on an evaluation of market conditions, stock
price and other factors.
“Allied Esports Entertainment is committed to maximizing
shareholder value, and we feel this stock repurchase authorization
is a positive step towards this goal,” said Ms. Yinghua Chen, Chief
Executive Officer. “We believe the current share price does not
reflect the Company’s intrinsic value and this action underscores
the Board’s confidence in the Company. Given our strong balance
sheet, we believe this share repurchase program is a timely and
appropriate use of the Company’s capital resources.”
Repurchases under the program will be made in open market
transactions in compliance with the Securities and Exchange
Commission Rule 10b-18 and federal securities laws. The stock
repurchase program is expected to be completed over the next 24
months. The stock repurchase program does not obligate the Company
to acquire any particular amount of common stock, and it may be
extended, suspended or discontinued at any time at the Company's
discretion. The stock repurchase will be funded using the Company's
working capital. Any shares purchased under this program will be
returned to the status of authorized but unissued shares of common
stock.
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 enter into one or more future acquisition or strategic
transactions using the net proceeds from the sale of our World
Poker Tour business in 2021; a change in our plans to effectuate
our stock repurchase program; and our ability to, 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, 2021, as filed with the
SEC on May 26, 2022, 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/20221121005117/en/
Investor Contact: Lasse Glassen Addo Investor Relations
lglassen@addoir.com 424-238-6249
Media Contact: Brian Fisher Allied Esports Entertainment
brian@alliedesports.com
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