Current Report Filing (8-k)
May 07 2020 - 8:26AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
May 1, 2020
ALLIED ESPORTS ENTERTAINMENT, INC.
(Exact Name of Registrant as Specified in
Charter)
Delaware
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001-38226
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82-1659427
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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17877 Von Karman Avenue, Suite 300
Irvine, California, 92614
(Address of Principal Executive Offices)
(Zip Code)
(949) 225-2600
(Registrant’s Telephone Number, Including
Area Code)
Not Applicable
(Former Name or Former Address, if Changed
Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))
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Securities registered pursuant to Section
12(b) of the Act:
Title
of each class
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Trading
Symbol(s)
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Name
of each exchange on which registered
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Common Stock
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AESE
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The NASDAQ Stock Market LLC
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Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
On May 1, 2020 (the “Funding Date”),
Allied Esports International, Inc. and Esports Arena Las Vegas, LLC (the “Subsidiaries”), two wholly-owned subsidiaries
of Allied Esports Entertainment, Inc. (the “Company”), received unsecured loans (the “Loans”) in the amount
of $421,852 and $485,277, respectively, pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus
Aid, Relief, and Economic Security Act and applicable regulations (the “CARES Act”). The Loans were made by JP Morgan
Chase Bank, N.A. and are evidenced by Promissory Notes (the “Promissory Notes”) attached as Exhibits 10.1 and 10.2 to this Current Report on
Form 8-K. Although the
Subsidiaries applied for the Loans in April, they were not accepted and funded until the Funding Date.
The Promissory Notes have a term of 2 years
with a 0.98% per annum interest rate. Payments are deferred for 6 months from the date of the Promissory Notes and the Subsidiaries
can apply for forgiveness of the Promissory Notes after 60 days. Forgiveness of the Promissory Notes will be determined in accordance
with the provisions of the CARES Act and applicable regulations. Any principal and interest amounts outstanding after the determination
of amounts forgiven will be repaid on a monthly basis. The Subsidiaries intend to use the
entire loan amounts for designated qualifying expenses and to apply for forgiveness of the Loans in accordance with the terms of
the PPP. No assurance can be given that the Subsidiaries will obtain forgiveness of the Loans in whole or in part.
The foregoing summary description of the
terms and conditions of the Promissory Notes does not purport to be complete and is qualified in its entirety by reference to the
Promissory Notes, copies of which are filed as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and are
incorporated herein by reference.
Item 2.03 Creation of a Direct
Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information with respect to the Loans
in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: May 7, 2020
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ALLIED ESPORTS ENTERTAINMENT, INC.
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By:
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/s/ Anthony Hung
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Anthony Hung
Chief Financial Officer
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