An announcement from Allied Gaming & Entertainment ( (AGAE) ) is now available.
Allied Gaming and Entertainment, Inc. sold over 750,000 shares to BPR Cumulus LLC, an affiliate of Brookfield Property Partners, for $5 million, initially intended for developing esports venues in shopping malls. However, the COVID-19 pandemic altered the business landscape, making the original plans unfeasible. Consequently, the two parties reached a Settlement Agreement, effectively terminating their prior Share Purchase Agreement and agreeing to split the escrowed funds—$3 million to the Investor and $2 million to the Company—while releasing each other from future obligations related to the deal.
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