Allied Esports Entertainment Inc. (NASDAQ:AESE) Stock Sees Sudden Selling Pressure: Now What?
Allied Esports Entertainment Inc. (NASDAQ:AESE) dropped 7% following the resignation of its CEO Frank Ng as of July 13, 2021. Following Frank’s resignation, the board has appointed Libing (Clare) Wu to assume the role of President, CEO, and General Counsel of the company.
Libing is a respected attorney who has been an independent director of the Allied Esports’ board. She has more than 15 years of corporate and securities regulations, business and lea expertise in cross-border transactions, capital markets transactions, corporate strategic structuring and planning, and M&A.
Recently, the company completed the World Poker Tour entities sale to Element Partners LLC following approval of the transaction during the special shareholder meeting held on July 1, 2021. The transaction purchase price was around $105 million, including 100% of outstanding capital stock for every legal entity jointly engaged or operated under Allied Esports’ poker-related operations and assets.Allied Esports CEO said that this was a massive milestone for the company and an opportunity to build the business. So in the coming weeks, AESE is a stock to watch.
Market Reaction:
On Wednesday, AESE stock fell over 7% at $2.07 with more than 1.06 million shares, compared to its average volume of 831k shares. The stock had moved within a range of $2.0700 – 2.2200 after opening the trade at $2.22. Over the past 52-week, the stock has been trading within a range of $0.8600 – 4.3100.
