Allied Gaming & Entertainment Files Counterclaim Against Mr. Frank Ng, a Former CEO of the Company

NEW YORK--(BUSINESS WIRE)--Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE) (the "Company" or "AGAE"), a global experiential entertainment company, announced today that on October 4, 2023, Mr. Frank Ng, a former CEO of AGAE, initiated an arbitration against AGAE alleging breaches of certain employment contracts between Mr. Ng and AGAE. On November 21, 2023, AGAE responded to Mr. Ng's claims, categorically denying each allegation and asserted vigorous defenses against the same.

After AGAE's initial response, AGAE discovered numerous actions taken by Mr. Ng that may have violated his duties and obligations during his employment with AGAE. Accordingly, on July 15, 2024, AGAE filed a counterclaim against Mr. Ng to prosecute such recently discovered potential breaches of fiduciary duties by Mr. Ng while in AGAE's employ as its CEO and as a director.

Although the arbitration is on-going, AGAE is confident it will be vindicated and prevail against Mr. Ng's claims and on its counterclaims against Mr. Ng.

About Allied Gaming & Entertainment

Allied Gaming & Entertainment Inc. (Nasdaq: AGAE) is a global experiential entertainment company focused on providing a growing world of gamers and concertgoers with unique experiences through renowned assets, products and services. For more information, visit alliedgaming.gg.

Forward Looking Statements

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Investor Contact:
Tyler Drew
Addo Investor Relations
ir@alliedgaming.gg

Source: Allied Gaming & Entertainment, Inc.

Released August 2, 2024