The Chief Executive Officer of Allied Esports Entertainment, Yinghua Chen announcing repurchase plan stated: “Allied Esports Entertainment is committed to maximising shareholder value, and we feel this stock repurchase authorization is a positive step towards this goal. 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.”
According to the press release, the repurchase program can be expected to take place over 24 months or it can be cancelled by the Company before the repurchase gets completed.
The news comes weeks after Jud Hannigan had stepped down as the CEO of Allied Esports Entertainment after almost 6 years.
Announcing resignation on LinkedIn he stated:”It’s been an incredible journey over the past seven years building this operation from inception in China, to operations on three continents, to producing some of the most watched moments on Twitch, to a public listing on the Nasdaq and diving into the emerging Web3 space with the creation of the Epicbeast NFT community.”
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“Creating and operating the world’s most dynamic physical assets in esports, debuting the first esports truck, building a beacon for gaming and content creation in the heart of the entertainment capital of the world on the Las Vegas Strip and earning the trust and respect of the gaming industry, our incredible partners and of course the many communities of players, viewers, followers and Epicbeast NFT holders around the world have been sources of both pride and motivation every step along the way.”
“I’ve been blessed to be able to steer this ship through both difficult and gratifying times and it’s been an honour building and leading this team, who I’m confident will continue to build on our success thus far.”
CLICK HERE to view his complete statement.
Allied Esports produces gaming, esports events, tournament brand Frags, Legend Series, Knockdown, Saturday Night Speedway. They own the famous HyperX Arena in Las Vegas, 18 wheel mobile gaming arenas etc.