Allied Gaming & Entertainment Says Knighted Pastures Is Attempting To Acquire Control Of AGAE Without Paying A Control Premium Or Constructively Engaging With AGAE's Board Of Directors, Also Undertaken Litigation That AGAET, hereby Causing The Company To Incur One-Time Pre-Tax Expense Of ~$3M For Q2 2024, Which Will Have A Negative Impact On Our Net Income And EPS
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Allied Gaming & Entertainment (NASDAQ: AGAE) reports that Knighted Pastures LLC is attempting to acquire control of AGAE without paying a control premium or constructively engaging with the board. Knighted's actions have led to litigation, causing AGAE to incur a one-time pre-tax expense of ~$3M for Q2 2024, negatively impacting net income and EPS.
August 13, 2024 | 8:43 pm
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Knighted Pastures LLC is attempting a hostile takeover of AGAE, leading to litigation and a $3M pre-tax expense for Q2 2024, negatively impacting net income and EPS.
The hostile takeover attempt and resulting litigation have led to significant financial costs for AGAE, which will negatively impact the company's net income and EPS for Q2 2024. This is likely to cause short-term downward pressure on the stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100