Allied Gaming settles legal dispute with Knighted Pastures

Allied Gaming & Entertainment Inc. (NASDAQ: AGAE) and Knighted Pastures LLC announced they reached a comprehensive resolution of all outstanding legal matters between the parties. The companies executed a term sheet outlining the framework of their agreement.

The resolution addresses a Delaware court award of attorneys' fees to Knighted Pastures and concludes prior legal proceedings between the entities. Both parties stated the outcome provides clarity and removes uncertainty.

As part of the settlement, Allied Gaming stated it has no basis to question the integrity or business practices of Knighted Pastures or Roy Choi, the firm's principal.

"We are pleased to have reached a comprehensive and constructive resolution with Knighted Pastures," said James Li, chairman and chief executive officer of Allied Gaming. "This outcome allows Allied to move forward with clarity, stability, and a renewed focus on executing our long-term strategy."

Li said the company will focus on building a digital platform combining real-world assets, digital assets, and artificial intelligence applications across gaming, entertainment, and education sectors.

Roy Choi, principal of Knighted Pastures, said the resolution provides clarity for all parties. "We remain confident in Allied's strategic direction and its ability to advance its initiatives across the gaming and entertainment landscape," Choi stated.

The agreement brings finality to all outstanding matters between the companies, according to the joint announcement. Allied Gaming operates as an experiential entertainment company developing a digital ecosystem platform.

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