Motorsport Games Inc Stock Price, News & Analysis

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.

Motorsport Games has announced the entry list for the upcoming 500 Miles of Sebring, which is the fourth round of the 2022-23 Le Mans Virtual Series. Scheduled for December 3, this race features 40 cars and prominent motorsport names like Max Verstappen and Romain Grosjean. With a total prize pool of US$250,000, the event serves as a precursor to the prestigious 24 Hours of Le Mans Virtual in January. Qualifying will be held on December 2, with live coverage starting at 12:30 PM GMT.

Motorsport Games (NASDAQ: MSGM) reported Q3 2022 revenues of $1.2 million, a 43% decline from Q3 2021's $2.1 million. The net loss for the quarter increased to $8.5 million, driven by higher expenses and lower sales. The company initiated a 2022 Restructuring Program expected to yield $4 million in annualized savings by the end of 2023. Additionally, a 1-for-10 reverse stock split was completed to comply with NASDAQ requirements. With only $1.8 million in cash as of October 31, 2022, Motorsport Games is seeking additional funding to continue operations.

Motorsport Games (NASDAQ: MSGM), a leading developer and publisher of racing games, will report its third-quarter financial results for 2022 on November 18, after market close. A conference call and webcast will follow at 5:00 p.m. ET on the same day to discuss the results. Interested participants can access the live webcast via the company's investor relations website, or by calling 1 (877) 407-0784 (U.S.) or 1 (201) 689-8560 (internationally).

Motorsport Games Inc. (NASDAQ: MSGM) has announced a postponement of its third-quarter earnings release and conference call, initially set for November 10, 2022. The new date and time will be communicated via a future press release. Motorsport Games is recognized for developing and publishing officially licensed motorsport video games and operates esports ecosystems for various racing series globally, including NASCAR and Formula E.

Motorsport Games has announced a 1-for-10 reverse stock split of its Class A and Class B common stock, effective at 12:01 a.m. EST on November 10, 2022. This decision follows approval from the company's Board of Directors and stockholders. The split will reduce the total issued shares from approximately 11.67 million Class A shares and 7 million Class B shares to about 1.17 million and 700,000 shares, respectively. Stock options and exercise prices will also be adjusted proportionately. Further details on the share exchange process have been provided.

Motorsport Games has announced a new content update for rFactor 2, introducing laser-scanned tracks and new vehicles. This marks a significant milestone as it is the first time circuits have been accurately recreated in a commercial sim racing product. The update includes the BMW 330i M Sport and Vanwall Vandervell LMH cars, alongside tracks like Thruxton, Croft, and Bahrain International Circuit, which feature enhanced visual and gameplay experiences. Additional quality improvements, including AI performance enhancements and VR upgrades, complement this launch.

Motorsport Games (NASDAQ: MSGM) announces Round 3 of the Le Mans Virtual Series, featuring the 6 Hours of Spa on November 5, 2022, at the renowned Circuit de Spa-Francorchamps. Notable drivers, including Max Verstappen and Romain Grosjean, will participate in this elite esports event. The race will showcase 40 cars across two classes and will be broadcast on various platforms. The series concludes with a total prize fund of US$250,000 and aims to enhance both esports and real-world motorsport participation.

Motorsport Games Inc. (NASDAQ: MSGM) will report its third-quarter financial results for the period ending September 30, 2022, on November 10, 2022, after market close. A conference call to discuss the results will follow at 5:00 p.m. ET. Motorsport Games is a key player in the racing game development and esports sector, holding licenses for various prestigious motorsport series. The company aims to create engaging gaming experiences and esports events, fostering a virtual racing ecosystem that appeals to fans and gamers alike.