Motorsport Games Inc. develops and publishes racing simulation games and operates esports content tied to official motorsport series. Company news commonly covers Le Mans Ultimate content updates, online competition features, RaceControl subscriptions, and licensed series content for the 24 Hours of Le Mans, the FIA World Endurance Championship, and the European Le Mans Series.
Updates also address financial results, share repurchases, shareholder meeting matters, and governance actions. The company’s portfolio includes the rFactor 2 and KartKraft simulation platforms, while its esports activities include events such as the Le Mans Virtual Series and technology partnerships connected to F1 Arcade.
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.
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.