Allied Gaming & Entertainment shares are trading lower. The company announced it would buy 40% equity interest in mobile games developer Zhihe for $7 million in cash.
Portfolio Pulse from Benzinga Newsdesk
Allied Gaming & Entertainment announced its plan to acquire a 40% equity interest in mobile games developer Zhihe for $7 million in cash. This has led to a decrease in the company's share price.
August 17, 2023 | 3:17 pm
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NEGATIVE IMPACT
Allied Gaming & Entertainment's shares are trading lower after the company announced a $7 million cash deal to acquire 40% equity in Zhihe.
The decrease in Allied Gaming & Entertainment's share price is likely due to the announcement of the acquisition. Investors may be concerned about the cash outflow or the potential risks associated with the new investment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100