On December 1st, Allied Esports announced it had concluded its strategic review process of the company. As a result, the organization revealed that it would be restructuring its esports business operations and expanding its focus into more forms of entertainment in an attempt to better serve its shareholders.
To coincide with this announcement, the company unveiled it had undergone a rebranding effort and corporate name change. Moving forward, the organization will now be called Allied Gaming & Entertainment Inc. Moreover, Allied changed its stock ticker symbol to “AGAE”.
Additionally, Allied appointed Robert Proctor as the new CEO of Allied Esports International, a wholly-owned subsidiary of the company. Proctor will be tasked with leading the company’s restructuring efforts.
“After a thorough review of potential M&A opportunities across a wide range of industries, we have decided our stockholders are best served by not pursuing a single significant transaction at this time,” said CEO Yinghua Chen. “Given our deep roots and established position in esports and gaming, I am confident we can bring our operational acumen, unique assets, and valuable resources to restructure our existing esports business and also offer a wider range of popular entertainment products and services to the broader gaming community.”
(All information was provided by Yahoo! Finance)
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