Allied Gaming Secures $6.6m

Business

25 October 2024 00:09

Allied Gaming & Entertainment, Inc. (AGAE) has announced a strategic investment from Yellow River Global Capital, totaling $6.6m for 6,000,000 shares of common stock. Yellow River will also receive a warrant to purchase up to 6,000,000 additional shares at an exercise price of $1.80 per share over the next five years.

As part of the deal, Yellow River will appoint Mr. Zongmin (Philip) Ding to AGAE’s Board of Directors.Effective October 22, 2024, Mr. Zongmin (Philip) Ding has been appointed as a Class A Director on Allied Gaming & Entertainment, Inc.'s Board. Mr. Ding brings extensive experience, having served as a Director of Guangzhou Seagull Kitchen and Bath Products Co.

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Yinghua Chen, CEO of AGAE, stated, “Yellow River’s investment will enhance our ability to identify growth opportunities in location-based entertainment and entertainment content IP, bolstering our growth potential as we expand the Allied ecosystem.”

Tags: Allied Gaming

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