MIAMI, Dec. 09, 2022 (GLOBE NEWSWIRE) — Motorsport Video games Inc. (NASDAQ: MSGM) (“Motorsport Video games” or the “Firm”) in the present day introduced that the Firm has entered into a purchase order settlement (the “Settlement”) with an investor for as much as $2 million, which quantity might enhance on the Firm’s choice to $10 million.
Below the phrases and circumstances of the Settlement, the Firm has the best, however not the duty, to promote to the investor as much as $2 million of its shares of widespread inventory, which quantity might enhance on the Firm’s choice to as much as $10 million in shares, till December 31, 2023, topic to sure limitations. Any shares of widespread inventory that’s offered to the investor will happen at a purchase order worth that’s decided partly by prevailing market costs on the time of every sale. The investor has agreed to not trigger or interact in any quick promoting or hedging of the Firm’s widespread inventory. The Firm issued widespread shares to the investor as consideration for the investor’s dedication to buy the Firm’s widespread inventory below the Settlement.
“We’re happy to enter into the acquisition settlement and count on to make use of the proceeds, as out there, for product growth and different enterprise functions. This transaction supplies us with further monetary flexibility as we proceed to execute on our marketing strategy,” stated Dmitry Kozko, CEO and Govt Chairman of Motorsport Video games.
The foregoing abstract of the Settlement is incomplete, and additional particulars regarding the Settlement, together with further phrases and circumstances, and this transaction shall be contained within the Present Report on Kind 8-Okay the Firm intends to file with the Securities and Trade Fee later in the present day.
This press launch shall not represent a proposal to promote or the solicitation of a proposal to purchase these securities, nor will there be any sale of those securities in any jurisdiction during which such supply, solicitation or sale could be illegal previous to the registration or qualification below the securities legal guidelines of any such jurisdiction.
The providing of the securities described on this press launch is being made pursuant to the Firm’s efficient shelf registration assertion on Kind S-3 (File No. 333-262462) (the “Registration Assertion”), and the associated base prospectus included within the Registration Assertion, as supplemented by a prospectus complement to be filed with the SEC on or about December 9, 2022. Copies of the prospectus complement and accompanying prospectus could also be obtained when filed with the SEC on the SEC’s web site at www.sec.gov.
About Motorsport Video games:
Motorsport Video games, a Motorsport Community firm, is a number one racing recreation developer, writer and esports ecosystem supplier of official motorsport racing sequence all through the world. Combining revolutionary and fascinating video video games with thrilling esports competitions and content material for racing followers and players, Motorsport Video games strives to make the enjoyment of racing accessible to everybody. The Firm is the formally licensed online game developer and writer for iconic motorsport racing sequence throughout PC, PlayStation, Xbox, Nintendo Change and cell, together with NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Automotive Championship (“BTCC”), in addition to the business main rFactor 2 and KartKraft simulations. rFactor 2 additionally serves because the official sim racing platform of Components E, whereas additionally powering F1 Arcade by way of a partnership with Kindred Ideas. Motorsport Video games is an award-winning esports accomplice of alternative for twenty-four Hours of Le Mans, Components E, BTCC, the FIA World Rallycross Championship and the eNASCAR Warmth Professional League, amongst others. Motorsport Video games is constructing a digital racing ecosystem the place every product drives pleasure, each esports occasion is an journey and each story conjures up.
Sure statements on this press launch which aren’t historic information are forward-looking statements throughout the that means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended, and are offered pursuant to the protected harbor provisions of the Personal Securities Litigation Reform Act of 1995. Any statements on this press launch that aren’t statements of historic reality could also be deemed forward-looking statements. Phrases similar to “proceed,” “will,” “might,” “might,” “ought to,” “count on,” “anticipated,” “plans,” “intend,” “anticipate,” “imagine,” “estimate,” “predict,” “potential,” and comparable expressions are meant to establish such forward-looking statements. All forward-looking statements contain vital dangers and uncertainties that might trigger precise outcomes to vary materially from these expressed or implied within the forward-looking statements, a lot of that are usually outdoors the management of Motorsport Video games and are troublesome to foretell. Examples of such dangers and uncertainties embrace, with out limitation, gross sales of shares below the Settlement impacting the value of the Firm’s Class A typical inventory, lack of ability to boost funds below the Settlement as a result of sure limitations below the Settlement, and fewer than anticipated outcomes from the proceeds raised from any transaction below the Settlement. Further components that might trigger precise outcomes to vary materially from these expressed or implied within the forward-looking statements might be present in Motorsport Video games’ filings with the SEC, together with its Annual Report on Kind 10-Okay for the fiscal yr ended December 31, 2021, its Quarterly Reviews on Kind 10-Q filed with the SEC throughout 2022, in addition to in its subsequent filings with the SEC. Motorsport Video games anticipates that subsequent occasions and developments might trigger its plans, intentions and expectations to alter. Motorsport Video games assumes no obligation, and it particularly disclaims any intention or obligation, to replace any forward-looking statements, whether or not on account of new info, future occasions or in any other case, besides as expressly required by legislation. Ahead-looking statements converse solely as of the date they’re made and shouldn’t be relied upon as representing Motorsport Video games’ plans and expectations as of any subsequent date.
Web site and Social Media Disclosure:
Traders and others ought to observe that we announce materials monetary info to our buyers utilizing our investor relations web site (ir.motorsportgames.com), SEC filings, press releases, public convention calls and webcasts. We use these channels, in addition to social media and blogs, to speak with our buyers and the general public about our firm and our merchandise. It’s attainable that the knowledge we publish on our web sites, social media and blogs might be deemed to be materials info. Subsequently, we encourage buyers, the media and others fascinated about our firm to overview the knowledge we publish on the web sites, social media channels and blogs, together with the next (which checklist we are going to replace every now and then on our investor relations web site):
The contents of those web sites and social media channels usually are not a part of, nor will they be integrated by reference into, this press launch.
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