Motorsport Video games – Press Launch Cowl Picture
MIAMI, Jan. 30, 2023 (GLOBE NEWSWIRE) — Motorsport Video games Inc. (NASDAQ: MSGM) (“Motorsport Video games” or the “Firm”) at present introduced that the Firm has entered right into a debt-for-equity change settlement (the “Settlement”) with its majority stockholder, Motorsport Community, LLC (“Motorsport Community”), to repay $1,000,000 in debt (together with principal and accrued and never but paid curiosity) of the Firm beneath its $12 million line of credit score with Motorsport Community.
Beneath the Settlement, for a interval of 60 days from the closing of the transactions contemplated beneath the Settlement, the Firm agreed to file a registration assertion with the Securities and Change Fee (“SEC”) upon Motorsport Community’s demand so as to register the resale of the shares acquired by Motorsport Community beneath the Settlement, topic to the phrases and situations of the Settlement. The Settlement additionally granted sure piggyback registration rights to Motorsport Community.
“This debt change advantages our stability sheet, permits us to pay much less curiosity expense and can assist Motorsport Video games to pursue product growth and development alternatives,” stated Dmitry Kozko, CEO and Government Chairman of Motorsport Video games. “This debt change additionally alerts the continuing confidence that our majority shareholder, Motorsport Community, has in Motorsport Video games.”
The foregoing abstract of the Settlement is incomplete, and additional particulars referring to the Settlement, together with extra phrases and situations, and this transaction shall be contained within the Present Report on Kind 8-Ok the Firm intends to file with the SEC later at present.
About Motorsport Video games:
Motorsport Video games, a Motorsport Community firm, is a number one racing sport developer, writer and esports ecosystem supplier of official motorsport racing sequence all through the world. Combining progressive and interesting video video games with thrilling esports competitions and content material for racing followers and avid gamers, 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 cellular, together with NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Automobile Championship (“BTCC”), in addition to the trade main rFactor 2 and KartKraft simulations. rFactor 2 additionally serves because the official sim racing platform of Formulation E, whereas additionally powering F1 Arcade by way of a partnership with Kindred Ideas. Motorsport Video games is an award-winning esports accomplice of selection for twenty-four Hours of Le Mans, Formulation 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.
Ahead Trying Statements:
Sure statements on this press launch which aren’t historic information are forward-looking statements inside the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Change Act of 1934, as amended, and are offered pursuant to the secure harbor provisions of the Non-public 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 comparable to “proceed,” “will,” “might,” “may,” “ought to,” “count on,” “anticipated,” “plans,” “intend,” “anticipate,” “consider,” “estimate,” “predict,” “potential,” and related expressions are supposed to establish such forward-looking statements. All forward-looking statements contain vital dangers and uncertainties that would trigger precise outcomes to vary materially from these expressed or implied within the forward-looking statements, a lot of that are usually exterior the management of Motorsport Video games and are tough to foretell. Examples of such dangers and uncertainties embody, with out limitation, issuance of shares of Class A typical inventory beneath the Settlement impacting the worth of the Firm’s Class A typical inventory and fewer than anticipated advantages, comparable to the flexibility to develop product and obtain development, from any transaction beneath the Settlement. Extra elements that would 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-Ok for the fiscal yr ended December 31, 2021, its Quarterly Experiences 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 because 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 notice 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 doable that the knowledge we submit on our web sites, social media and blogs might be deemed to be materials info. Subsequently, we encourage buyers, the media and others occupied with our firm to assessment the knowledge we submit on the web sites, social media channels and blogs, together with the next (which listing we are going to replace on occasion 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 included by reference into, this press launch.
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