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Motorsport Games Has Raised Approximately $11.32 Million

Motorsport Games Has Raised Approximately .32 Million


Following the latest offerings on the NASDAQ, Motorsport Games announces its common stock price. Together With the Two Registered Direct Offerings Closed Last Week, Motorsport Games Has Raised Approximately $11.32 Million

MIAMI, February 2023 — Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games” or the “Company”) today announced the closing of its registered direct offering priced at-the-market under Nasdaq rules which announced on February 3, 2023. In this lastest offering, the Company issued 232,188 shares of its Class A common stock at a purchase price of $17.39 per share. The aggregate gross proceeds to the Company from this offering was approximately $4.03 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 this registered direct offering and the recent registered direct offerings closed last week for development of multiple games, working capital and general corporate purposes.

The Company also announced on February 1, 2023 that the Company converted all its remaining debt in debt-for-equity exchanges with Motorsport Network, retiring approximately $4 million of Company’s debt.

H.C. Wainwright & Co. acted as the exclusive placement agent for all the recent registered direct 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 1, 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 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

As set forth in the definitive agreement entered into in connection with the most recent registered direct, the Company is restricted from issuing any shares of Class A common stock or Class A common stock equivalents. Each of the registered direct offering complies with the “baby shelf” rules.

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.

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Darren Buckner

Darren Buckner

Darren became a member of Simrace247 in January 2021 and has been a valuable addition to the platform ever since. He began his journey as an Editor and has progressed to the position of Editor in Chief, owing to his unwavering commitment and hard work. With his profound interest in motorsport and gaming, Darren is passionate about sharing news and exceptional content with like-minded people worldwide.View Author posts