Allied Gaming & Entertainment issues statement regarding short-selling activity

Allied Gaming & Entertainment announced that its Board of Directors has taken note of unusual volatility in the trading of the Company’s common stock in the secondary market and has received market analysis information from Woprai, a third-party AI and Machine Learning data analysis institution regarding short-selling activity in the Company’s stock. According to such third-party analysis, short-sale trading in the Company’s stock represented a relatively high percentage of overall trading during a certain period, and the Company has taken note of this matter with a high degree of attention. In order to protect the lawful interests of the Company and all of its shareholders, the Board has promptly established a special committee and working mechanism, and has authorized the relevant professional teams to conduct further review and evaluation of trading activity in the Company’s stock. The Company intends to take appropriate measures to address any potentially abnormal trading activity, market manipulation, or other market conduct that may harm the interests of the Company or its investors. If, in the course of its review, the Company identifies suspicious trading activity that should be brought to the attention of regulatory authorities, the Company will promptly report such matters to, and cooperate with, the U.S. Securities and Exchange Commission, Nasdaq, and other relevant regulatory or law enforcement authorities, as appropriate.