Thursday, February 27, 2020

Allied Esports Drops Plan For Public Offering

Irvine-based Allied Esports, which provides e-sports programming and content, says it will not proceed with an offering of its common stock, which it had announced just a month ago. The company--which trades on the NASDAQ as AESE--had said on January 29th that it was seeking to raise up to $15.0M in its public offering. According to Allied Esports, its Chairman, Lyle Berman, has committed to purchase $2.0M in newly issued shares of its common stock, instead. Allied Esports did not say why it decided to drop its public offering, however, the drop comes after a brutal week on Wall Street, where concerns over the growing coronavirus crisis sparked a sharp decline in stocks this week, the worst drop in the Dow since 2008.