Welcome to our dedicated page for Motorsport Games news (Ticker: MSGM), a resource for investors and traders seeking the latest updates and insights on Motorsport Games stock.
Motorsport Games Inc. (NASDAQ: MSGM) is a leading developer, publisher, and esports ecosystem provider for official motorsport racing series. Headquartered in Miami, Florida, the company was founded in 2018 and has since combined engaging video games with exciting esports competitions and content for racing fans and gamers worldwide.
The core business of Motorsport Games Inc. revolves around the development and publishing of interactive racing video games. It holds licensing agreements for iconic motorsport racing series such as NASCAR and the British Touring Car Championship (BTCC). The company is also an esteemed esports partner for NASCAR, 24 Hours of Le Mans, Formula E, BTCC, and the FIA World Rallycross Championship, among others.
The company's business segments include the development and publishing of video games, entertainment content, and services, and the organization and facilitation of esports tournaments. Motorsport Games Inc. recently announced new features and updates for its flagship game, Le Mans Ultimate, introducing a Radar feature, Replay Suite, and improved race starts. They also plan to release additional 2024 content including new cars and circuits throughout the next 12 months.
In the esports sector, the company recently resolved a licensing dispute with BTCC and signed a new non-exclusive license agreement to reinstate BTCC content in the acclaimed rFactor 2 racing simulation. Moreover, they launched a new platform, RaceControl.gg, in collaboration with Coach Dave Academy, to enhance player engagement with their games.
Despite facing some financial challenges, Motorsport Games continues to focus on expanding its product portfolio and improving its existing offerings. The company remains committed to providing an authentic racing experience for its users and has plans to further innovate and enhance its gaming and esports platforms.
Recent financial results and updates, including strategic plans and partnerships, are available on the company’s investor relations website and through various media channels.
Motorsport Games (NASDAQ: MSGM) announced the successful closing of two registered direct offerings, raising approximately $7.29 million. The offerings included the sale of 183,020 shares at $21.40 each and 144,366 shares at $23.50 each, occurring on February 2 and February 3, 2023, respectively. The company plans to utilize the net proceeds for game development, working capital, and general corporate purposes. Offered shares were registered under Form S-3, with associated prospectus supplements available on the SEC's website. H.C. Wainwright & Co. served as the placement agent for these offerings.
Motorsport Games (NASDAQ: MSGM) announced a debt-for-equity exchange agreement with its majority stockholder, Motorsport Network, LLC, to repay $2,948,565.99, settling its remaining debt under a $12 million line of credit. The agreement allows Motorsport Network to demand a registration statement with the SEC to register the resale of shares acquired. Additional details will be provided in a Current Report on Form 8-K. Motorsport Games develops and publishes official motorsport video games and creates esports ecosystems for various racing series globally, such as NASCAR and INDYCAR.
Motorsport Games has entered into a definitive agreement to offer 183,020 shares of its Class A common stock at $21.40 per share, generating approximately $3.9 million in gross proceeds. The offering, managed by H.C. Wainwright & Co., is expected to close around February 3, 2023, subject to customary conditions. The funds raised will be allocated towards the development of multiple games, working capital, and general corporate purposes. The shares are being offered under a previously filed shelf registration statement with the SEC. This move aims to bolster the company’s gaming portfolio and sustain operational growth.
Motorsport Games Inc. (NASDAQ: MSGM) announced it has regained compliance with Nasdaq Listing Rules as of January 30, 2023. Previously, the company had notified Nasdaq on November 11, 2022, regarding non-compliance due to insufficient publicly held shares and the composition of its board of directors. The compliance was achieved following the issuance of shares to Alumni Capital LP, which brought publicly held shares above 500,000. CEO Dmitry Kozko highlighted the recent addition of independent directors, Nav Sunner and Andrew Jacobson, to strengthen the board's expertise and governance.
On January 30, 2023, Motorsport Games announced a debt-for-equity exchange agreement with Motorsport Network to repay $1,000,000 in debt. This agreement is part of a $12 million line of credit. The Company will file a registration statement with the SEC to register shares acquired by Motorsport Network under this deal. The CEO, Dmitry Kozko, expressed that this exchange improves the balance sheet, reduces interest expenses, and demonstrates confidence from Motorsport Network. Further details will be included in a forthcoming SEC filing.
Motorsport Games has launched its innovative F1® Arcade in London, an experiential venue featuring 60 motion F1 simulators utilizing rFactor 2 software. Opened on December 12, 2022, the arcade aims to make motorsports accessible to everyone. The venue has received strong initial customer interest, with plans for future locations in Birmingham and beyond. The collaboration with rFactor 2 enhances the racing experience, which is complemented by high-quality food and beverages.
CEO Dmitry Kozko highlighted the importance of this partnership, underscoring Motorsport Games' role in the esports and racing industry.
Motorsport Games (NASDAQ: MSGM) is set to host the 24 Hours of Le Mans Virtual on January 14-15, 2023. The event has garnered attention from major broadcasters globally, including Motor Trend and Eurosport, allowing millions to view the race. Featuring 180 competitors from 41 countries, this esports finale will be broadcast live from Silverstone. The event is expected to enhance the company's visibility in the competitive esports market, showcasing its partnership with the Automobile Club de l’Ouest and the FIA World Endurance Championship.
Motorsport Games (NASDAQ: MSGM) announced an impressive entry list for the upcoming 24 Hours of Le Mans Virtual, scheduled for January 14-15, 2023. This third edition will feature 180 drivers from over 40 nations, including notable names like Max Verstappen and Romain Grosjean. The event marks the culmination of the 2022-23 Le Mans Virtual Series, offering a total prize fund of $250,000. With both real-world racers and esports stars participating, the event highlights the growing popularity of sim racing.
Motorsport Games Inc. (NASDAQ: MSGM) has entered a purchase agreement with an investor for up to $2 million, with potential to increase to $10 million. The agreement allows the company to sell shares until December 31, 2023, at prices based on market conditions. This deal aims to enhance financial flexibility for product development and other business needs. CEO Dmitry Kozko expressed optimism about the agreement's contributions to Motorsport Games’ ongoing business strategy. Further details will be filed in a Current Report on Form 8-K with the SEC.
Motorsport Games (NASDAQ: MSGM) announced on November 29, 2022, that it has regained compliance with Nasdaq’s minimum bid price requirement. The company had previously been notified on June 6, 2022, for failing to meet the $1.00 closing bid price for 30 consecutive days. After implementing a 1-for-10 reverse stock split effective November 10, 2022, the closing bid price remained above $1.00 for 11 consecutive trading days, achieving compliance on November 25, 2022. Motorsport Games is also addressing additional compliance issues related to minimum publicly held shares and audit committee requirements.
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