Home Equities Score Why Allied Esports Entertainment Inc. (AESE) soared in the after-hours on Thursday?

Why Allied Esports Entertainment Inc. (AESE) soared in the after-hours on Thursday?

Allied Esports Entertainment Inc. (AESE) shares soared 24.11% in after-hours on Thursday, July 1, 2021, and closed at $2.78 per share. Earlier in the morning session, AESE’s stock lost 2.61% to close Thursday’s session at $2.24 per share. AESE shares have risen 8.74% over the last 12 months, and they have moved down 3.03% in the past week. Over the past three months, the stock has lost 24.32%, while over the past six months, it has declined 42.68%.

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Let’s see what’s going on recently with AESE?


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Launch of AE Studios

On June 30, 2021, Allied Esports, which is a subsidiary of Allied Esports Entertainment, Inc, launched a new division, AE Studios, that will serve as the original content development, storytelling, and production services arm of Allied Esports for partners in need of a turnkey solution outside of esports tournament operations and broadcasts.

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Special Stockholder Meeting Adjourned

On June 28, 2021, Allied Esports Entertainment, Inc. announced to adjourned its virtual Special Meeting of Stockholders until Thursday, July 1, 2021, at 11:00 a.m. Eastern Daylight Time. The meeting was previously scheduled for June 28, 2021, and was adjourned due to the quorum was not present.

Allied Esports select ViewSonic as the Official Gaming Monitor and official partner

On May 27, 2021, Allied Esports, which is a subsidiary of Allied Esports Entertainment signed a multi-year agreement where ViewSonic which will make ViewSonic an Official Gaming Monitor and Official Streamer Room Partner of Allied Esports’ flagship esports venue, HyperX Esports Arena Las Vegas.

As per the agreement, ViewSonic will equip all HyperX Esports Arena Las Vegas gaming stations, including in the main arena and front lobby, with the ViewSonic ELITE™ XG270 27-inch gaming monitors, and the ViewSonic® CDE5010 4K Ultra HD displays will be positioned at the front entrance of the recently renovated Streamer Room.

Recent financial results announcement

On May 24, 2021, Allied Esports Entertainment, Inc released its financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

  • Allied Esports Entertainment reported revenue of $0.5 million in the first quarter of 2021 compared to $1.05 million in the first quarter of 2020.
  • Total costs and expenses for the first quarter of 2021 were $5.4 million, compared to $9.4 million for the first quarter of 2020.
  • The company suffered an operating loss of $5.0 million in Q1 2021, compared to a loss of $9.1 million in Q1 2020.
  • Net comprehensive loss was $3.3 million in Q1 2021 compared to $8.78 million in Q1 2020.
  • Adjusted EBITDA was negative $3.3 million for Q1 2021 compared to $3.5 million in the first quarter of 2020.
  • The Company had a cash position of $18.5 million, including $5.0 million of restricted cash and $2.9 million of cash in connection with the WPT business as of March 31, 2021.

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Conclusion

There was no news for July one which could be linked with its mixed performance on Thursday. but AESE stock performed well in the recent past and we expect it to continue its momentum on Friday as well.

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