Motorsport Games Inc. Announces Pricing of Initial Public Offering

Rhea-AI Summary

Motorsport Games has priced its initial public offering (IPO) at $20.00 per share, offering 3,000,000 shares of Class A common stock. The IPO is set to generate approximately $60 million in gross proceeds, with an option for underwriters to purchase an additional 450,000 shares. Trading is expected to commence on January 13, 2021, with the closing anticipated on January 15, 2021, subject to standard conditions. Canaccord Genuity LLC and The Benchmark Company, LLC are the joint book-running managers for this offering.

Positive

• Gross proceeds expected to be approximately $60 million from the offering.
• Initial public offering price set at $20.00 per share potentially indicating strong market interest.
• Underwriters granted a 30-day option to purchase an additional 450,000 shares, indicating confidence in demand.

Negative

• None.

MIAMI, Jan. 12, 2021 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (“Motorsport Games”), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, today announced the pricing of its initial public offering of 3,000,000 shares of its Class A common stock at a public offering price of $20.00 per share. Motorsport Games has granted the underwriters a 30-day option to purchase up to an additional 450,000 shares of its Class A common stock to cover over-allotments, if any, at the initial public offering price, less underwriting discounts and commissions. The shares of Class A common stock are expected to begin trading on January 13, 2021 on the Nasdaq Capital Market under the ticker symbol “MSGM.” The gross proceeds from the offering to Motorsport Games, before deducting underwriting discounts and commissions and other offering expenses payable by Motorsport Games, are expected to be approximately $60.0 million, excluding any exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on January 15, 2021, subject to the satisfaction of customary closing conditions.

Canaccord Genuity LLC and The Benchmark Company, LLC are acting as joint book-running managers for the offering.

A registration statement on Form S-1 (File No. 333-251501) relating to this offering was declared effective by the U.S. Securities and Exchange Commission on January 12, 2021. The offering is being made only by means of a prospectus, copies of which may be obtained, when available, by contacting Canaccord Genuity LLC, 99 High Street, 12th Floor, Boston, MA 02110, Attn: Syndicate Department, or by e-mail at prospectus@cgf.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Motorsport Games Inc.

Motorsport Games, a Motorsport Network company, combines innovative and engaging video games with exciting esports competitions and content for racing fans and gamers around the globe. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series including NASCAR and the British Touring Car Championship (“BTCC”). Motorsport Games is an award-winning esports partner of choice for NASCAR, 24 Hours of Le Mans, Formula E, BTCC and the FIA World Rallycross Championship, among others.

For More Information Contact:
ICR Inc.
Ashley.Desimone@icrinc.com

 

FAQ

When will Motorsport Games stock begin trading?

Motorsport Games' stock is expected to begin trading on January 13, 2021.

What is the ticker symbol for Motorsport Games?

The ticker symbol for Motorsport Games is MSGM.

How much is Motorsport Games raising in its IPO?

Motorsport Games is expected to raise approximately $60 million in its IPO.

What is the price of the shares in Motorsport Games' IPO?

The shares in Motorsport Games' IPO are priced at $20.00 per share.

Who are the underwriters for the Motorsport Games IPO?

Canaccord Genuity LLC and The Benchmark Company, LLC are acting as joint book-running managers for the IPO.