Allied Gaming & Entertainment, Inc. (AGAE) announced that on June 18, 2025, it received a notice from Nasdaq initiating delisting procedures. The notice cited non-compliance with Listing Rule 5620(a) for failing to hold an annual meeting within twelve months of its fiscal year-end, and Listing Rule 5250(c)(1) for failing to timely file its Form 10-Q for the period ended March 31, 2025.
The company submitted a hearing request and an extended stay request on June 25, 2025, which will temporarily halt any delisting action pending a decision from the Nasdaq Hearings Panel. AGAE stated that these administrative delays were not due to business performance or internal deficiencies, but were a consequence of actions taken by activist shareholder Knighted Pastures LLC.
AGAE claims that Knighted Pastures' two lawsuits over the past 18 months demanded expedited judicial proceedings, which required significant management time and legal resources, disrupted corporate operations, and materially delayed the company's ability to finalize disclosures and organize its annual meeting. The company remains committed to taking all appropriate steps to maintain its Nasdaq listing.
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