NEW YORK–(BUSINESS WIRE)–Allied Esports Entertainment, Inc. (NASDAQ: AESE), a global esports entertainment company, today announced that the Company’s Board of Directors 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.