Allied Gaming & Entertainment, Inc. (AGAE) acknowledged Schedule 13D filings from Ourgame International Holdings Limited and Knighted Pastures LLC, both significant stockholders. Ourgame demanded that AGAE permit it to acquire additional shares and amend its Bylaws, which the company's Board of Directors rejected on October 4, 2024, citing that the demands were contrary to the interests of the company and its stockholders.
Ourgame also submitted a recommendation for two candidates to be added to the Board, which the Nominating and Corporate Governance Committee intends to review. Separately, Knighted Pastures LLC requested that the company hold its 2024 Annual Meeting of Stockholders no later than December 31, 2024, in accordance with Nasdaq listing requirements.
The company's rejection of Ourgame's demands and the requests from both shareholders for board changes and timely meetings underscore ongoing corporate governance challenges. These developments indicate a contested environment regarding the company's future direction and board composition.
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