Esports entertainment company Allied Esports has withdrawn its proposed public offering of common stock.
The company announced its intention to launch a public offering on January 29th.
Paperwork to confirm the withdrawal of the public offering has been filed with the US Securities and Exchange Commission (SEC). Allied Esports will instead see its Chairman of the Board of Directors, Lyle Berman, commit to purchase newly-issued shares of common stock.
Should the proposal come to fruition, Berman will buy up to $2 million (£1.6 million) of shares from the company. The option for him to do so will last up until April 9th.