Allied Esports Entertainment, Inc. (NASDAQ: AESE) (the “Company”), a global esports entertainment company, today announced that the Company’s Board of Directors (the “Board”) has appointed Yinghua Chen as Chief Executive Officer. Ms. Chen had previously served as the Company’s President, Chief Investment Officer and Board Secretary. Given Ms. Chen’s additional responsibilities, Ms. Chen will no longer serve the Company as Chief Investment Officer or Board Secretary, and will continue to serve as President. She has served as a director of the Company since 2020.

Ms. Chen assumes the position of Chief Executive Officer from Lyle Berman, who has served as Co-Chairman of the Board and Interim Chief Executive Officer since February 2022. Mr. Berman retains his position as Co-Chairman of the Board, and has been appointed as Vice President, Mergers & Acquisition, where he will be more focused on the Company’s M&A activities. Mr. Berman has served as a director of the Company since May 2017.

Commenting on today’s announcement, Mr. Berman said, “I am pleased to pass the torch to Yinghua. As Interim CEO and as Company director, I have had the opportunity to work closely with her and I believe she is the ideal person to lead Allied Esports Entertainment’s executive operations as we move forward.”

Mr. Berman continued, “In addition, we remain focused on investing the substantial cash on our balance sheet to acquire or merge with an existing business. Looking ahead, the Board has asked me to focus my activities on sourcing and executing a transaction that drives the most possible value for AESE stockholders. We continue to explore a number of potential acquisition opportunities; however, given the current macroeconomic conditions, we are evaluating these opportunities very carefully and cautiously.”

Ms. Chen commented, “I am honored to serve as Allied Esports Entertainment’s Chief Executive Officer and I am grateful to the Board for this opportunity. Along with our very capable team, I look forward to helping guide our future success and maximize stockholder value.”

As previously announced, the Company has engaged The Benchmark Company, LLC to serve as its exclusive financial advisor in connection with a potential business combination transaction. The Company has reviewed a number of potential target investment opportunities over the past several months, and due diligence, as well as the continued sourcing of other opportunities, remains ongoing. The Company also remains in the process of exploring strategic options for the Esports business. AESE intends to provide further updates in due course when appropriate.

About Allied Esports Entertainment

Allied Esports Entertainment, Inc. (NASDAQ: AESE) is a global esports entertainment venture dedicated to providing transformative live experiences, multiplatform content and interactive services to audiences worldwide. For more information, visit alliedesports.gg.

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