Allied Gaming & Entertainment issues supplemental update on strategic progress

Allied Gaming & Entertainment issued this supplemental update in light of the elevated trading volume in the Company’s common stock following its previously announced strategic transformation update. The Board of Directors is providing additional information regarding the Company’s shareholder value protection principles, the current status of certain strategic initiatives, and related market and execution risks. Based on the Board’s current assessment, the Board does not currently expect to approve future M&A-related share issuances below $2.00 per share, a level it believes better reflects the Company’s net asset value, creditor-related value, and overall public company platform value, and implies a pre-transaction equity value of at least $80 million. With respect to the Company’s AI-driven consumer applications and token-enabled ecosystem strategic track, the Company is in active discussions with multiple AI-related projects that the Company believes have mature product profiles, existing user bases, and meaningful commercialization potential.