Motorsport Games Inc - MSGM STOCK NEWS

Motorsport Games Inc (MSGM) has announced its acquisition of PlayFast Games, which holds a 7.6% stake in 704Games. The deal, valued at approximately $10.75 million, involves 366,541 shares of Motorsport Games and a cash component based on share price. While this transaction is not expected to impact net income per share this year, it is projected to become accretive starting in 2022. Additionally, the acquisition will resolve all claims between Motorsport Games and PlayFast, increasing Motorsport Games' ownership in 704Games from 82.2% to 89.9%.

Motorsport Games (NASDAQ: MSGM) has entered a binding term sheet to acquire Studio397 BV, the creator of the rFactor 2 racing simulation platform, from Luminis International BV. This strategic acquisition aims to leverage Studio397's capabilities to enhance rFactor 2 and develop new projects using Motorsport Games' resources. With plans for continued branding of Studio397, existing management and development teams will remain intact. The acquisition signals Motorsport Games' ambition to lead in the virtual racing space and capitalize on the rFactor 2 technology for future growth.

Motorsport Games (NASDAQ: MSGM) has launched Traxion.gg, a dedicated platform for virtual motorsport and racing games. The site offers news, reviews, and insights across various racing game genres, from simulations to arcade classics. This launch adds a third vertical to Motorsport Games' portfolio, which already includes game development and esports broadcasting. CEO Dmitry Kozko emphasized Traxion's role as a community hub for racing enthusiasts, promising continuous growth and evolution in content offerings.

Motorsport Games has signed a binding term sheet to acquire KartKraft, a leading kart racing simulator, enhancing its gaming portfolio. This acquisition includes all assets and key development talent from Black Delta, aiming to develop a new studio, Motorsport Games Australia. This move underscores the company's commitment to the racing genre and plans to leverage the expertise of KartKraft's team to elevate the game's success. The acquisition aligns with Motorsport Games' growth strategy in the esports ecosystem and product development.

Motorsport Games (NASDAQ: MSGM) will release its financial results for the fourth quarter and full year ending December 31, 2020, on March 24, 2021, after market close. The company will host a conference call and webcast at 5:00 p.m. ET on the same day to discuss these results. Motorsport Games is a prominent racing game developer and esports provider, holding licenses for major motorsport series like NASCAR and 24 Hours of Le Mans.

Motorsport Games (NASDAQ: MSGM) has announced an updated joint venture with the Automobile Club de l’Ouest, extending their collaboration to a ten-year exclusive license for video games related to the 24 Hours of Le Mans and FIA World Endurance Championship. This agreement replaces the original 2019 contract and follows the success of the Le Mans Esports Series, highlighted by the 2020 Virtual Le Mans event that attracted a large global audience. The partnership aims to enhance esports offerings and create dedicated endurance video games, capitalizing on the growing popularity of motorsport gaming.

Motorsport Games Inc. has completed its initial public offering, successfully closing on 3,450,000 shares of its Class A common stock. The offering comprised 3,000,000 shares, with an additional 450,000 shares sold following the underwriters' option. Shares were priced at $20.00, yielding gross proceeds of approximately $69.0 million for the company. This stock is now listed on the Nasdaq under the ticker symbol MSGM. Canaccord Genuity LLC and The Benchmark Company, LLC served as joint book-running managers.

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.

Motorsport Gaming US LLC has filed a registration statement on Form S-1 with the SEC for a proposed initial public offering (IPO) of its Class A common stock. The specific number of shares and the price range have yet to be determined, and the offering depends on market conditions. Motorsport Games plans to list its shares on the Nasdaq Capital Market under the symbol 'MSGM.' Canaccord Genuity LLC and The Benchmark Company, LLC will serve as joint book-running managers for the offering. This filing does not constitute an offer to sell these securities until the registration statement is effective.