Allied Gaming & Entertainment Announces a Strategic Investment to Become Largest Shareholder of Beijing Lianzhong Zhihe Technology Co.

▤ Summary

Allied Gaming & Entertainment is buying a 40% equity stake in Beijing Lianzhong Zhihe Technology and will become its largest shareholder. The deal gives AGAE control of the board and expands its mobile games business and geographic reach. Zhihe develops and operates premium card and Mahjong casual games and already generates meaningful revenue and positive cash flow. The transaction is expected to close by the end of September 2023 and should be immediately accretive to AGAE’s financial results.

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