Allied Gaming & Entertainment Appoints Mr. Yangyang Li As President Of The Company, Will Continue As Chairman Of The Board, And Has Resigned From His Position As A Member Of The Compensation Committee And As Chair Of The Nominating And Corporate Governance Committee.

Allied Gaming & Entertainment, Inc.(NASDAQ:AGAE) (the "Company" or "AGAE"), a global experiential entertainment company, announced today the below changes to its Board of Directors (the "Board") and management team effective April 30, 2024:

• Ms. Chi Zhao was appointed as an independent director on the Board, as Chair of the Nominating and Corporate Governance Committee, and a member of the Compensation Committee;
• Mr. Adam Pliska resigned as a director on the Board;
• Ms. Yinghua Chen resigned as a director on the Board, and will continue as Chief Executive Officer of Allied Gaming & Entertainment; and
• Mr. Yangyang Li has been appointed as President of the Company, will continue as Chairman of the Board, and has resigned from his position as a member of the Compensation Committee and as Chair of the Nominating and Corporate Governance Committee.

"As we continue forward on our path as a public company and further execute against our strategic plans, we are thrilled to bring in a highly qualified, independent director in Ms. Chi Zhao. Ms. Zhao's vast multinational experience in strategic management, board governance and corporate oversight will be extremely beneficial as we continue expanding our operations," said Yinghua Chen, Chief Executive Officer of AGAE. "With Mr. Li's appointment to President, I remain fully committed to the Company and will be even more laser-focused on further enhancing and optimizing our current corporate operations. Mr. Li will remain as Chairman of the Board and will focus his efforts as President on mergers and acquisitions, strategic partnership negotiations, further investment in Asia, and overseeing the Company's legal proceedings. On behalf of the Company, I would also like to extend our gratitude to Adam Pliska for his invaluable support of Allied since our initial public offering."

Ms. Chi Zhao is an experienced multinational and academic with a background in strategic management, board governance, non-profit organizations, and corporate oversight. Ms. Zhao is currently a Research Fellow at the Ash Center at Harvard Kennedy School and facilitates highest-level inter-governmental closed-door roundtables, seminars, and forums. Previously she was the Director, Investor Relations at Unity Ventures, a top venture capitalist firm based in Beijing. Ms. Zhao received a Bachelor of Arts from Eastern Kentucky University and a Master of Arts from Morehead State University. More recently, Ms. Zhao became a Mason Scholar at the Harvard Kennedy School.