Allied Gaming & Entertainment Appoints New CFO, Announces Departure
Ticker: AGAE · Form: 8-K · Filed: Oct 23, 2024 · CIK: 1708341
Sentiment: neutral
Topics: executive-change, cfo-appointment, compensation
TL;DR
New CFO at Allied Gaming & Entertainment, David Chen out, Daniel Lee in with $300k salary + bonus.
AI Summary
Allied Gaming & Entertainment Inc. announced on October 18, 2024, the departure of its Chief Financial Officer, David Chen, effective immediately. The company also announced the appointment of Daniel A. Lee as the new Chief Financial Officer. Lee's compensation includes an annual base salary of $300,000 and a potential annual bonus of up to 50% of his base salary.
Why It Matters
A change in CFO can signal shifts in financial strategy or operational focus, potentially impacting investor confidence and the company's financial reporting.
Risk Assessment
Risk Level: medium — Changes in key financial leadership can introduce uncertainty regarding future financial strategy and performance.
Key Numbers
- $300,000 — New CFO Salary (Daniel A. Lee's annual base compensation.)
- 50% — Potential Bonus (Maximum annual bonus for the new CFO.)
Key Players & Entities
- Allied Gaming & Entertainment Inc. (company) — Registrant
- David Chen (person) — Departing Chief Financial Officer
- Daniel A. Lee (person) — Appointed Chief Financial Officer
- $300,000 (dollar_amount) — Daniel A. Lee's annual base salary
- 50% (dollar_amount) — Potential annual bonus for Daniel A. Lee
FAQ
What is the effective date of David Chen's departure?
David Chen's departure as Chief Financial Officer was effective immediately as of October 18, 2024.
What is Daniel A. Lee's starting annual base salary?
Daniel A. Lee's annual base salary is $300,000.
What is the maximum potential annual bonus for Daniel A. Lee?
Daniel A. Lee is eligible for an annual bonus of up to 50% of his base salary.
What was Allied Gaming & Entertainment Inc.'s former name?
Allied Gaming & Entertainment Inc.'s former names include Allied Esports Entertainment, Inc. and Black Ridge Acquisition Corp.
What is the primary business of Allied Gaming & Entertainment Inc. according to its SIC code?
Allied Gaming & Entertainment Inc. is classified under SIC code 7900, which pertains to Services-Amusement & Recreation Services.
Filing Stats: 1,109 words · 4 min read · ~4 pages · Grade level 10.1 · Accepted 2024-10-23 16:15:40
Key Financial Figures
- $0.0001 — common stock of the Company, par value $0.0001 per share (the "Common Stock") at a pur
- $1.10 — "Common Stock") at a purchase price of $1.10 per share (the "Purchased Shares") for
- $6,600,000 — Shares") for a total purchase price of $6,600,000 and (ii) a corresponding warrant (the "
- $1.80 — Common Stock, with an exercise price of $1.80 per share, which represents a 50% premi
Filing Documents
- a8k.htm (8-K) — 34KB
- exhibit4-1.htm (EX-4.1) — 72KB
- exhibit10-1.htm (EX-10.1) — 63KB
- exhibit99-1.htm (EX-99.1) — 11KB
- logo_agae.jpg (GRAPHIC) — 37KB
- 0000929638-24-003568.txt ( ) — 399KB
- agae-20241018.xsd (EX-101.SCH) — 4KB
- agae-20241018_lab.xml (EX-101.LAB) — 21KB
- agae-20241018_pre.xml (EX-101.PRE) — 16KB
- a8k_htm.xml (XML) — 4KB
02. Election of Directors
Item 5.02. Election of Directors. On October 23, 2024, pursuant to the terms of the Purchase Agreement as described above, the Board appointed Mr. Zongmin (Philip) Ding as a Class A director of the Board, effective upon closing of the Transaction, for an initial term expiring at the 2026 annual meeting of stockholders or until his successor shall have been duly elected and qualified. Mr. Ding currently serves as General Manager of Shanghai Qinshui Family Business Management Co. Mr. Ding has served as Director and General Manager of Shanghai Guo Chun Venture Capital from 2017 to 2022. From August 2010 to August 2012 Mr. Ding served as Director of Merger & Acquisition at Guo Tai Jun An Securities. From June 2006 to August 1010, Mr. Ding served as a Manager of Outbound M&A at PricewaterhouseCoopers. Since August 2012, Mr. Ding has served as a Director for Shanghai International Group Venture Capital. Since 2015, Mr. Ding has served as a Director for Seagull Kitchen and Bath Products Co., Ltd. (SZ Stock Exchange: 002084.SZ). Further, Mr. Ding has served as a Director of Datong Taicera Ceramic Industry Co., Ltd. Mr. Ding graduated from Shanghai Jiao Tong University with a Masters degree. At this time, Mr. Ding has not been appointed to serve on any committee of the Board, and the Board intends to review Mr. Ding's committee membership at a later date. Mr. Ding will be entitled to the Company's standard compensation for non-employee directors There are no family relationships between Mr. Ding and any director, executive officer or person nominated by the Company to become a director or executive officer.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. Exhibit Number Description 4.1 Warrant issued October 18, 2024. 10.1 Share Purchase Agreement, dated October 18, 2024, by and between the Company and Purchaser. 99.1 Press Release dated October 23, 2024. 104 Cover Page Interactive Data File (embedded within Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ALLIED GAMING & ENTERTAINMENT, INC. Date: October 23, 2024 By: /s/ Roy Anderson Roy Anderson Chief Financial Officer