Allied Gaming & Entertainment Inc. $(AGAE)$, a global experiential entertainment company, is currently facing shareholder activism from Knighted Pastures, LLC, a dissident shareholder. The company has urged its stockholders to support its nominated directors for reelection at the upcoming combined 2024/2025 annual meeting of stockholders. Allied Gaming & Entertainment has expressed strong disagreement with Knighted's assertions, describing their campaign as self-serving and aimed at seizing control without offering any premium to shareholders. Knighted Pastures has initiated two lawsuits against Allied Gaming & Entertainment, actions the company's management believes were designed to advance Knighted's interests at the expense of shareholder value. The lawsuits have reportedly consumed significant resources and diverted management's focus from business operations. The company's board and its Nominating and Corporate Governance Committee are set to review Knighted's materials and will provide recommendations in the proxy statement to be filed with the U.S. Securities and Exchange Commission. Allied Gaming & Entertainment has emphasized the potential risks of a wholesale board change, citing the qualifications and experience of its current board members. The ongoing conflict has reportedly strained relationships with strategic partners, crucial for the company's long-term growth.
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