Motorsport Network

Motorsport Games Announces Debt-for-Equity Exchange with Motorsport Network

Retrieved on: 
Monday, January 30, 2023
Securities and Exchange Commission (Philippines), Sumathi Best Television Current Reporting Award, Security (finance), Motorsport, Motorsport Network, FIA Motorsport Games, Agreement

MIAMI, Jan. 30, 2023 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games” or the “Company”) today announced that the Company has entered into a debt-for-equity exchange agreement (the “Agreement”) with its majority stockholder, Motorsport Network, LLC (“Motorsport Network”), to repay $1,000,000 in debt (including principal and accrued and not yet paid interest) of the Company under its $12 million line of credit with Motorsport Network.

Key Points: 
  • MIAMI, Jan. 30, 2023 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games” or the “Company”) today announced that the Company has entered into a debt-for-equity exchange agreement (the “Agreement”) with its majority stockholder, Motorsport Network, LLC (“Motorsport Network”), to repay $1,000,000 in debt (including principal and accrued and not yet paid interest) of the Company under its $12 million line of credit with Motorsport Network.
  • Under the Agreement, for a period of 60 days from the closing of the transactions contemplated under the Agreement, the Company agreed to file a registration statement with the Securities and Exchange Commission (“SEC”) upon Motorsport Network’s demand in order to register the resale of the shares acquired by Motorsport Network under the Agreement, subject to the terms and conditions of the Agreement.
  • The Agreement also granted certain piggyback registration rights to Motorsport Network.
  • “This debt exchange benefits our balance sheet, allows us to pay less interest expense and will help Motorsport Games to pursue product development and growth opportunities,” said Dmitry Kozko, CEO and Executive Chairman of Motorsport Games.

Motorsport Games Enters into Equity Purchase Agreement

Retrieved on: 
Friday, December 9, 2022
PlayStation, Registration statement, FIA, Register, Annual report, SEC filing, Security (finance), Motorsport, Sale, Agreement, Ecosystem, Le Mans, RFactor 2, Formula E, 2019 FIA Motorsport Games Formula 4 Cup, Prospectus, FIA World Rallycross Championship, Motorsport Network, Video, Sumathi Best Television Current Reporting Award, Xbox, Formula, Social media, Sim racing, NASCAR, Partnership, Nintendo Switch, BTCC, Form, Video game, INDYCAR

MIAMI, Dec. 09, 2022 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games” or the “Company”) today announced that the Company has entered into a purchase agreement (the “Agreement”) with an investor for up to $2 million, which amount may increase at the Company’s option to $10 million.

Key Points: 
  • MIAMI, Dec. 09, 2022 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games” or the “Company”) today announced that the Company has entered into a purchase agreement (the “Agreement”) with an investor for up to $2 million, which amount may increase at the Company’s option to $10 million.
  • The Company issued common shares to the investor as consideration for the investor’s commitment to purchase the Company’s common stock under the Agreement.
  • “We are pleased to enter into the purchase agreement and expect to use the proceeds, as available, for product development and other business purposes.
  • Motorsport Games, a Motorsport Network company, is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world.

KIA SPORTAGE HYBRID NAMED A WINNER IN MOTOR1.COM 2022 STAR AWARDS

Retrieved on: 
Tuesday, December 13, 2022
Star Awards, NBA, PHEV, EPA, Sport utility vehicle, Star, Best, Gasoline, Hybrid, Motorsport Network, EVP, K5, AWD, ADAS, HEV, SUV, FWD, Multimedia, Photography, Safety, Plan S, Road, Car rental, Kia Sportage, Kia

IRVINE, Calif., Dec. 13, 2022 /PRNewswire/ -- The 2023 Kia Sportage Hybrid has been recognized in the Motor1.com 2022 Star Awards, taking the top honors in the Best SUV category. Boasting improvements in design, performance, and roominess from the previous Sportage, the hybrid version of the fifth generation 2023 Sportage paves the way toward electrification in Kia's ongoing cadence of more alternative fuel offerings guided by the brand's 'Plan S' global strategy.

Key Points: 
  • IRVINE, Calif., Dec. 13, 2022 /PRNewswire/ -- The 2023 Kia Sportage Hybrid has been recognized in the Motor1.com 2022 Star Awards, taking the top honors in the Best SUV category.
  • Motor1.com's second annual Star Awards considers all new vehicles that have been rated by its team of expert editors.
  • Considering factors such as design, safety, performance, and comfort, editors then debate and vote on a winner in each category.
  • "The Kia Sportage Hybrid impressed our team with its design, feature set, and blend of refinement and enthusiasm on-road.

Motorsport Games Regains Compliance With Nasdaq Minimum Bid Price Requirement

Retrieved on: 
Tuesday, November 29, 2022
Le Mans, NASCAR, PlayStation, Formula E, Form 8-K, Rule, FIA, Motorsport Network, Partnership, Xbox, Social media, BTCC, Nintendo Switch, Annual report, RFactor 2, 2019 FIA Motorsport Games Formula 4 Cup, Security (finance), Motorsport, Formula, Ecosystem, FIA World Rallycross Championship, Sim racing, Video, INDYCAR

MIAMI, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (Motorsport Games or Company), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, announced today that it has received notice from the Nasdaq Stock Market LLC (Nasdaq) on November 28, 2022 informing Motorsport Games Inc. that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the "Rule") for continued listing on The Nasdaq Capital Market.

Key Points: 
  • MIAMI, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (Motorsport Games or Company), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, announced today that it has received notice from the Nasdaq Stock Market LLC (Nasdaq) on November 28, 2022 informing Motorsport Games Inc. that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the "Rule") for continued listing on The Nasdaq Capital Market.
  • Motorsport Games was previously notified by Nasdaq on June 6, 2022 that it was not in compliance with the minimum bid price rule because its Class A common stock failed to meet the closing bid price of $1.00 or more for 30 consecutive business days.
  • As previously disclosed in Motorsport Games current report on Form 8-K filed with the Securities and Exchange Commission on November 14, 2022, Motorsport Games received the notification form The NASDAQ Stock Market that Motorsport Games no longer complies with Nasdaqs audit committee requirement under Rule 5605 and the minimum of 500,000 publicly held shares requirement under Rule 5550(a)(4).
  • Motorsport Games, a Motorsport Network company, is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world.

Stars ready to respect the Sebring bumps

Retrieved on: 
Tuesday, November 29, 2022
ACO, HERE, Xbox, Social media, GTE, Consumer, Security (finance), Formula, Point, 24 Hours of Le Mans Virtual, FIA, BTCC, Sebring International Raceway, 2019 FIA Motorsport Games Formula 4 Cup, Motorsport, Sim racing, Video, NASCAR, History, GMT, Partnership, Annual report, LMP, RFactor 2, Car, Formula E, PlayStation, Disclosure, F1, Motorsport Network, Nintendo Switch, W series, Classification, Tax, WEC, Porsche, Name, Ecosystem, FIA World Rallycross Championship, Video game, INDYCAR

With a full field of 40 cars, the complete roster for the 500 Mile-event (approximately 4 hours) can be found HERE .

Key Points: 
  • With a full field of 40 cars, the complete roster for the 500 Mile-event (approximately 4 hours) can be found HERE .
  • There is all to play for in each of the two categories and endurance esports laurels at stake together with the US$ 250 000 prize pool.
  • The race takes place on the technically tricky and virtually bumpy Sebring International Raceway, and full, uninterrupted coverage will begin from 12:30 pm (GMT / 7:30 am ET) on Saturday, December 3.
  • It is possible that the information we post on our websites, social media and blogs could be deemed to be material information.

Motorsport Games Reports Third Quarter 2022 Financial Results

Retrieved on: 
Friday, November 18, 2022
COVID-19, Le Mans, Adjustment, Environment, NASCAR, Formula E, PlayStation, EBITDA, Failure, Table, FIA, Motorsport Network, Partnership, Xbox, Social media, BTCC, Nintendo Switch, Annual report, IPO, Consumer, RFactor 2, 2019 FIA Motorsport Games Formula 4 Cup, Webcast, Vii, Motorsport, Formula, Ecosystem, FIA World Rallycross Championship, Sim racing, Depreciation, GAAP, Video, Public expenditure, Acquisition, Video game, Bank, Risk management, INDYCAR

Alternatively, participants may access the live webcast on the Motorsport Games Investor Relations website at https://ir.motorsportgames.com under Events.

Key Points: 
  • Alternatively, participants may access the live webcast on the Motorsport Games Investor Relations website at https://ir.motorsportgames.com under Events.
  • Motorsport Games, a Motorsport Network company, is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world.
  • Combining innovative and engaging video games with exciting esports competitions and content for racing fans and gamers, Motorsport Games strives to make the joy of racing accessible to everyone.
  • Factors other than those referred to above could also cause Motorsport Games results to differ materially from expected results.

Motorsport Games to Report Third Quarter 2022 Financial Results

Retrieved on: 
Tuesday, November 15, 2022
Le Mans, NASCAR, Formula E, PlayStation, FIA, Motorsport Network, Partnership, Xbox, BTCC, Nintendo Switch, RFactor 2, 2019 FIA Motorsport Games Formula 4 Cup, Webcast, Motorsport, Formula, Ecosystem, FIA World Rallycross Championship, Sim racing, Video, Video game, INDYCAR

MIAMI, Nov. 15, 2022 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (Motorsport Games) , a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world will report financial results for the third quarter ended September 30, 2022 on Friday, November 18, 2022, after market close.

Key Points: 
  • MIAMI, Nov. 15, 2022 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (Motorsport Games) , a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world will report financial results for the third quarter ended September 30, 2022 on Friday, November 18, 2022, after market close.
  • Motorsport Games, a Motorsport Network company, is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world.
  • Combining innovative and engaging video games with exciting esports competitions and content for racing fans and gamers, Motorsport Games strives to make the joy of racing accessible to everyone.
  • Motorsport Games is building a virtual racing ecosystem where each product drives excitement, every esports event is an adventure and every story inspires.

Motorsport Games Announces Completion of Previously Announced 1-for-10 Reverse Stock Split

Retrieved on: 
Thursday, November 10, 2022
Ecosystem, GLOBE, Review, Private Securities Litigation Reform Act, Forward-looking statement, State, Formula, Motorsport, Xbox, Nintendo Switch, Video, Director, FIA, BTCC, Partnership, Nasdaq, EST, PlayStation, Intention, NASCAR, Securities Act of 1933, Class, CUSIP, RFactor 2, SEC, Annual report, NASDAQ, Le Mans, Compliance, Securities Exchange Act of 1934, Effectiveness, Company, FIA World Rallycross Championship, Formula E, 2019 FIA Motorsport Games Formula 4 Cup, Social media, Delaware General Corporation Law, Motorsport Network, Industry, Sim racing, Security (finance), INDYCAR

MIAMI, Nov. 10, 2022 (GLOBE NEWSWIRE) -- As previously announced, Motorsport Games Inc. (NASDAQ: MSGM) (Motorsport Games or the Company) confirmed today that the 1-for-10 reverse stock split of the Companys Class A and Class B common stock became effective as of 12:01 a.m. EST on November 10, 2022 (the Effective Time).

Key Points: 
  • MIAMI, Nov. 10, 2022 (GLOBE NEWSWIRE) -- As previously announced, Motorsport Games Inc. (NASDAQ: MSGM) (Motorsport Games or the Company) confirmed today that the 1-for-10 reverse stock split of the Companys Class A and Class B common stock became effective as of 12:01 a.m. EST on November 10, 2022 (the Effective Time).
  • Motorsport Games effected the reverse stock split by filing a charter amendment with the Delaware Secretary of State.
  • The same 1-for-10 reverse stock split ratio was used to effect the reverse stock split of both Motorsport Games Class A and Class B common stock, and accordingly, all stockholders were affected proportionately.
  • The reverse stock split reduced the Companys issued and outstanding shares of common stock from approximately 11,673,587 shares of Class A common stock and 7,000,000 shares of Class B common stock to approximately 1,167,358 and 700,000 shares, respectively.

Motorsport Games Postpones Third Quarter 2022 Earnings Release and Conference Call

Retrieved on: 
Wednesday, November 9, 2022
Ecosystem, GLOBE, Formula, Motorsport, Xbox, Nintendo Switch, Video, FIA, BTCC, Partnership, PlayStation, NASCAR, RFactor 2, NASDAQ, Le Mans, Company, FIA World Rallycross Championship, Formula E, 2019 FIA Motorsport Games Formula 4 Cup, Motorsport Network, Industry, Sim racing, Video game, INDYCAR

MIAMI, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (Motorsport Games) , a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, today announced that it is postponing its earnings release and conference call for the third quarter ended September 30, 2022, previously scheduled for November 10, 2022.

Key Points: 
  • MIAMI, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (Motorsport Games) , a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, today announced that it is postponing its earnings release and conference call for the third quarter ended September 30, 2022, previously scheduled for November 10, 2022.
  • The Company will issue a press release announcing the new date and time for the postponed earnings call.
  • Motorsport Games, a Motorsport Network company, is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world.
  • Combining innovative and engaging video games with exciting esports competitions and content for racing fans and gamers, Motorsport Games strives to make the joy of racing accessible to everyone.

Stars Come Out for the 6 Hours of Spa Round of the Le Mans Virtual Series by Motorsport Games

Retrieved on: 
Wednesday, November 2, 2022
Aston, Mercedes-AMG, Alpine, SEC, GLOBE, Industry, Securities Exchange Act of 1934, Ecosystem, GMT, HERE, Rain, Communication, Private Securities Litigation Reform Act, Company, Review, WEC, LMP, List, Car, Aston Martin Vantage, Partnership, Mercedes, Formula E, Monza, BTCC, NASDAQ, 2019 FIA Motorsport Games, U.S. Securities and Exchange Commission, Xbox, Securities Act of 1933, Motorsport Network, ACO, Intention, Nintendo Switch, Eye, Motorsport, FIA World Rallycross Championship, PlayStation, Round 3, Annual report, Disclosure, Circuit de Spa-Francorchamps, 24 Hours of Le Mans Virtual, LMP2, RFactor 2, Formula, GTE, Social media, FIA, Probability, Video, Forward-looking statement, NASCAR, BMW, Security (finance), Video game, Ferrari, INDYCAR, Porsche

MIAMI, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games”) announces today that Round 3 of the Le Mans Virtual Series descends on the track for the 6 Hours of Spa. The legendary Circuit de Spa-Francorchamps in Belgium has long been at the top of the “favourites” list for drivers throughout the world. This round - the third of the 2022-23 Le Mans Virtual Series - has enticed some big names to the entry list, which is revealed HERE. The Le Mans Virtual Series is a joint venture between the Automobile Club de l’Ouest (“ACO”) and Motorsport Games.

Key Points: 
  • This round - the third of the 2022-23 Le Mans Virtual Series - has enticed some big names to the entry list, which is revealed HERE .
  • The Le Mans Virtual Series is a joint venture between the Automobile Club de lOuest (ACO) and Motorsport Games.
  • Motorsport Games, a Motorsport Network company, is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world.
  • These forward-looking statements include, without limitation, statements concerning the timing, participants and expected benefits of the 2022-23 Le Mans Virtual Series.