10:00 AM EDT, 06/06/2025 (MT Newswires) -- Allied Gaming & Entertainment ( AGAE ) confirmed Friday the receipt of a notice from "dissident" shareholder Knighted Pastures with plans to nominate candidates to stand for election to Allied's board at the combined 2024, 2025 annual meeting of shareholders.

Allied said it "strongly disagrees" with the allegations made by Knighted, adding that the shareholder's "campaign is self-serving and aims to seize control of the company without offering any premium" to shareholders.

Allied said that in the past year, Knighted launched two lawsuits against Allied which "were designed only to advance its self-serving interest to obtain control of the company and the company's valuable cash assets without compensating [Allied's] shareholders by paying a control premium."

Knighted on Thursday released an open letter to Allied shareholders regarding its nomination of "a majority slate" of director candidates for election at the company's meeting. Knighted said in the letter its campaign is to restore "legitimacy and sound corporate governance practices to the board," which it believes can only be achieved via a "complete reconstitution."

Knighted and its managing member Roy Choi said they are the beneficial owners of about 27.2% of Allied shares.

Allied Gaming shares were down 1.4% in recent early trading.

Price: 2.76, Change: -0.04, Percent Change: -1.43