Motorsport Games Announces Closing of $4.03 Million Registered Direct Offering of Common Stock Priced At-the-Market Under Nasdaq Rules

Together With the Two Registered Direct Offerings Closed Last Week, Motorsport Games Has Raised Approximately $11.32 Million

MIAMI, Feb. 06, 2023 (GLOBE NEWSWIRE) -- 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 latest 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 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 [phone] or e-mail at [e-mail].