• On May 22, 2020, Knighted Pastures LLC, the holder of a bridge note with original principal of $5 million, and who previously converted $2 million of that principal into an equity stake in the Company on April 29, 2020, agreed to convert the remaining $3 million of their bridge note into the Company’s common stock. As part of this refinancing, Knighted Pastures has also agreed to an 18-month extension on $1.4 million of accrued interest originally due in August 2020.
• Two additional bridge loan holders, collectively holding $2 million of the Company’s debt, also agreed to an 18-month extension on the maturity of their respective holdings.
• A consortium of institutional investors agreed to refinance, net of fees and interest, the remaining $7 million in bridge financing principal and the associated accrued interest held by the Company into senior secured notes maturing in 24 months.

Commenting on the recent financing activities, Chief Executive Officer, Frank Ng, said, “With the completion of these transactions, Allied Esports Entertainment has significantly improved its liquidity position and has now addressed the entire $14 million principal of outstanding debt and $3.7 million of accrued interest scheduled to mature on August 23, 2020. This refinancing will provide the company with additional financial flexibility over the next 18-24 months as we continue to look for ways to optimize our capital in a manner that allows us to better navigate economic uncertainties during the COVID-19 pandemic, while creating value and growth for the future.”

ROTH Capital Partners acted as financial advisor and placement agent for the refinancing.

About Allied Esports Entertainment
Allied Esports Entertainment (NASDAQ: AESE) is a global esports entertainment venture dedicated to providing transformative live experiences, multiplatform content and interactive services to audiences worldwide through its strategic fusion of two powerful entertainment brands: Allied Esports International, Inc. (Allied Esports) and the World Poker Tour (WPT). Allied Esports is an award-winning, innovative esports company with a global network of dedicated esports properties and content production facilities. Its mission is to connect players, streamers and fans around the world through integrated arenas, including its flagship venue, HyperX Esports Arena Las Vegas, its fleet of HyperX Esports Trucks, the HyperX Esports Studio, and affiliate members of the Allied Esports Property Network, which serve as competition battlegrounds and everyday content generation hubs. World Poker Tour is the premier name in internationally televised gaming and entertainment with brand presence in land-based tournaments, television, online, and mobile. WPT ignited the global poker boom in 2002 with the creation of its iconic television show, now in its 18th season, based on a series of high-stakes poker tournaments. ClubWPT.com is a unique online membership platform that offers inside access to WPT. For more information, please visit www.alliedesportsent.com. (Source: Company Press Release | 06.08.20)

About ROTH Capital Partners
ROTH Capital Partners, LLC (ROTH), is a relationship-driven investment bank focused on serving emerging growth companies and their investors. As a full-service investment bank, ROTH provides capital raising, M&A advisory, analytical research, trading, market-making services and corporate access. Headquartered in Newport Beach, CA, ROTH is privately-held and employee owned, and maintains offices throughout the U.S. For more information on ROTH, please visit www.roth.com.