Allied Esports withdraws planned public offering

Esports entertainment company Allied Esports has withdrawn its proposed public offering of common stock.

The company announced its intention to launch a public offering on January 29th.

Paperwork to confirm the withdrawal of the public offering has been filed with the US Securities and Exchange Commission (SEC). Allied Esports will instead see its Chairman of the Board of Directors, Lyle Berman, commit to purchase newly-issued shares of common stock.

Should the proposal come to fruition, Berman will buy up to $2 million (£1.6 million) of shares from the company. The option for him to do so will last up until April 9th. He has agreed to not sell, transfer, or dispose of such shares for a six-month period following the commencement date.

Allied Esports has stated that it “plans to use the proceeds from the common stock sale for working capital and general corporate purposes.”

The company announced that it was set to receive $5 million (£3.84 million) from real estate firm Brookfield Property Partners last month. It was acquired by Black Ridge Acquisition Corp. last August, following investments from both TV Azteca and Simon Property Group in June and July respectively.



iGaming expert - with over 10 years of experience in the retail market in Italy and knowledge of global online gaming. In the past he has worked with the largest national gambling companies and he managed some land-based shops on their behalf. Entrepreneur, investor and enthusiast of difficult challenges, in 2015 he founded The Betting Coach Group, an international news and social marketing agency geared towards sports, esports and gambling companies. He is currently the C.E.O of The Betting Coach and is a consultant for Mr. Dragone collaborates with providers (game developers) and event organizers with the aim of helping them develop networks and business across continents. Passionate about journalism, he is the creator and promoter of iGaming Cafè, the first talk show in Italy, dedicated to companies and delegates from the gaming world.