Motorsport Games Inc. Announces Closing of Initial Public Offering and Exercise in Full of the Underwriters’ Option to Purchase Additional Shares
Motorsport Games Inc. has completed its initial public offering, successfully closing on 3,450,000 shares of its Class A common stock.
Sentiment and the balance of points
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Rhea-AI Summary
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.
Positive
- Gross proceeds of approximately $69.0 million will provide capital for growth and development.
- Successful IPO enhances market visibility and credibility for Motorsport Games.
Negative
- Potential dilution of existing shares due to the large number of shares issued.
Details
News Market Reaction – MSGM
The recorded move for MSGM in the trading session of this news was -0.73%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
MIAMI, Jan. 15, 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 closing of its initial public offering of 3,450,000 shares of its Class A common stock. The offering consisted of 3,000,000 shares of its Class A common stock, as well as an additional 450,000 shares of Class A common stock pursuant to the exercise in full of the underwriters’ option to purchase additional shares of Class A Common Stock from Motorsport Games, at a public offering price of
Canaccord Genuity LLC and The Benchmark Company, LLC acted 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 was made only by means of a prospectus, copies of which may be obtained 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.
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