Frank Ng

Frank Ng

Irvine-based Allied Esports Entertainment, Inc. (NASDAQ: AESE) said today that Frank Ng had resigned as the company’s chief executive, and that Libing (Claire) Wu will assume the roles of CEO, president and general counsel, effective immediately.

Allied Esports said Monday it had completed the $105 million sale of its World Poker Tour unit to Element Partners LLC. Allied had previously said it would be exploring “opportunities in online entertainment” after the sale.

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Shares in Allied Esports Entertainment fell 4.9% to $2.12 apiece for a market cap of $83 million after the announcement of Ng’s resignation.

Wu, the new CEO, was previously an independent director on the company’s board and is a New York attorney with over 15 years of experience focusing on corporate and securities laws.