Motorsport Games Announces Closings of $7.29 Million Registered Direct Offerings of Common Stock Priced At-the-Market Under Nasdaq Rules
February 03 2023 - 10:30AM
Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games” or the
“Company”) today announced the closings of its previously announced
registered direct offerings priced at-the-market under Nasdaq
rules. The Company issued 183,020 shares of its Class A common
stock at a purchase price of $21.40 per share in the registered
direct offering that closed on February 2, 2023, and issued 144,366
shares of its Class A common stock at a purchase price of $23.50
per share in the registered direct offering that closed on February
3, 2023. The aggregate gross proceeds to the Company from both
offerings were approximately $7.29 million, before deducting the
placement agent’s fees and other offering expenses payable by the
Company. Motorsport Games currently intends to use the net proceeds
from the registered direct offerings for development of multiple
games, working capital and general corporate purposes.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offerings.
The shares of Class A common stock described
above were offered and sold by the Company pursuant to a “shelf”
registration statement on Form S-3 (Registration No. 333-262462),
including a base prospectus, previously filed with the Securities
and Exchange Commission (“SEC”) on February 2, 2022 and declared
effective by the SEC on February 10, 2022. The offerings of the
shares of Class A common stock issued in the registered direct
offerings were made only by means of prospectus supplements that
form a part of the registration statement. A separate final
prospectus supplement and an accompanying base prospectus relating
to each offering was filed with the SEC and is available on the
SEC’s website located at http://www.sec.gov. Electronic copies of
each final prospectus supplement and accompanying base prospectus
may also be obtained by contacting H.C. Wainwright & Co., LLC
at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at
(212) 856-5711 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer
to sell or a 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 the registration or qualification under the
securities laws of any such state or jurisdiction.
About 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.
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. The
Company is the officially licensed video game developer and
publisher for iconic motorsport racing series across PC,
PlayStation, Xbox, Nintendo Switch and mobile, including NASCAR,
INDYCAR, 24 Hours of Le Mans and the British Touring Car
Championship (“BTCC”), as well as the industry leading rFactor 2
and KartKraft simulations. rFactor 2 also serves as the official
sim racing platform of Formula E, while also powering F1 Arcade
through a partnership with Kindred Concepts. Motorsport Games is an
award-winning esports partner of choice for 24 Hours of Le Mans,
Formula E, BTCC, the FIA World Rallycross Championship and the
eNASCAR Heat Pro League, among others. Motorsport Games is building
a virtual racing ecosystem where each product drives excitement,
every esports event is an adventure and every story inspires.
Forward-Looking Statements
Certain statements in this press release which
are not historical facts are forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and are provided pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Any statements in
this press release that are not statements of historical fact may
be deemed forward-looking statements. Words such as “continue,”
“will,” “may,” “could,” “should,” “expect,” “expected,” “plans,”
“intend,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” and similar expressions are intended to identify such
forward-looking statements. All forward-looking statements involve
significant risks and uncertainties that could cause actual results
to differ materially from those expressed or implied in the
forward-looking statements, many of which are generally outside the
control of Motorsport Games and are difficult to predict. Examples
of such risks and uncertainties include, without limitation, market
and other conditions and statements regarding the anticipated use
of proceeds from the registered direct offerings. Additional
factors that could cause actual results to differ materially from
those expressed or implied in the forward-looking statements can be
found in Motorsport Games’ filings with the SEC, including its
Annual Report on Form 10-K for the fiscal year ended December 31,
2021, its Quarterly Reports on Form 10-Q filed with the SEC during
2022, as well as in its subsequent filings with the SEC. Motorsport
Games anticipates that subsequent events and developments may cause
its plans, intentions and expectations to change. Motorsport Games
assumes no obligation, and it specifically disclaims any intention
or obligation, to update any forward-looking statements, whether as
a result of new information, future events or otherwise, except as
expressly required by law. Forward-looking statements speak only as
of the date they are made and should not be relied upon as
representing Motorsport Games’ plans and expectations as of any
subsequent date.
Website and Social Media Disclosure:
Investors and others should note that we
announce material financial information to our investors using our
investor relations website (ir.motorsportgames.com), SEC filings,
press releases, public conference calls and webcasts. We use these
channels, as well as social media and blogs, to communicate with
our investors and the public about our company and our products. It
is possible that the information we post on our websites, social
media and blogs could be deemed to be material information.
Therefore, we encourage investors, the media and others interested
in our company to review the information we post on the websites,
social media channels and blogs, including the following (which
list we will update from time to time on our investor relations
website):
Websites |
Social Media |
motorsportgames.com |
Twitter: @msportgames & @traxiongg |
traxion.gg |
Instagram: msportgames & traxiongg |
motorsport.com |
Facebook: Motorsport Games & traxiongg |
|
LinkedIn: Motorsport Games |
|
Twitch: traxiongg |
|
Reddit: traxiongg |
The contents of these websites and social media
channels are not part of, nor will they be incorporated by
reference into, this press release.
Contacts:
Investors: investors@motorsportgames.com
Media: pr@motorsportgames.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4b9e488a-5297-41e5-96cf-13672a005843
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