Motorsport Games Inc. (NASDAQ: MSGM), the racing game developer and
publisher, is pleased to announce that it has regained compliance
with the continued listing requirements of the NASDAQ Stock Market.
“We are pleased to have regained compliance with NASDAQ
continuing listing requirements,” said Stephen Hood, CEO of
Motorsport Games Inc. “This milestone reflects our dedication to
maintaining strong corporate governance and financial integrity. We
are excited about the opportunities ahead as we continue to drive
innovation and growth in the racing game and entertainment
space.”
“The company is pushing ahead with its plans to focus on
creating shareholder value, with our 2022 Restructuring Plan having
saved the business $6.7m in annualised costs. Having reduced excess
headcount and closed several unsustainable or unprofitable
ventures, the business is focusing on its near-term opportunities
to drive revenue, including the recently released Le Mans Ultimate
and our ventures with other partners including Kindred Concepts
(F1®️ Arcade) for which we provide the heartbeat of the experience
through use of our rFactor 2 software.”
More information on the NASDAQ’s determination is disclosed in
Motorsport Games’ Current Report on Form 8-K filed by the Company
today, June 5, 2024, which report is incorporated into this press
release by this reference.
About Motorsport Games:
Motorsport Games, a Driven Lifestyle Group company, is a racing
game developer, publisher and esports ecosystem provider of
official motorsport racing series. Combining innovative and
engaging video games with exciting esports competitions and content
for racing fans and gamers, Motorsport Games strives to make racing
games that are authentically close to reality. The Company is the
officially licensed video game developer and publisher for iconic
motorsport racing series including the 24 Hours of Le Mans and the
FIA World Endurance Championship, recently releasing Le Mans
Ultimate in Early Access. Motorsport Games also owns the industry
leading rFactor 2 and KartKraft simulation platforms. 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 also an award-winning esports partner
of choice for the 24 Hours of Le Mans, creating the renowned Le
Mans Virtual Series. Motorsport Games is building a virtual racing
ecosystem where each product drives excitement, every esports event
is an adventure, and every race inspires.
For more information about Motorsport Games visit:
www.motorsportgames.com.
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.
These forward-looking statements include, but are not limited
to, concerning the Company’s future financial performance, whether
the Company will maintain compliance with the NCM Equity Rule
and/or whether the Company will be able to evidence compliance upon
filing of its quarterly periodic report for period ending June 30,
2024.
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: (i) Motorsport Games’
ability to obtain equity financing arrangements or similar
transactions; (ii) Nasdaq’s acceptance of evidence of compliance;
or (iii) Motorsport Games’ ability to otherwise maintain compliance
with any other continued listing requirement of The Nasdaq Capital
Market.
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
Securities and Exchange Commission (the “SEC”), including its
Annual Report on Form 10-K for the fiscal year ended December 31,
2023, 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. Additionally, the business and financial materials
and any other statement or disclosure on, or made available
through, Motorsport Games’ website or other websites referenced or
linked to this press release shall not be incorporated by reference
into this press release.
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 |
|
Instagram: msportgames |
|
Facebook: Motorsport Games |
|
LinkedIn: Motorsport Games |
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/5877d138-cf1a-417c-91bb-214f3badab47
Motorsport Games (NASDAQ:MSGM)
Historical Stock Chart
From Aug 2024 to Sep 2024
Motorsport Games (NASDAQ:MSGM)
Historical Stock Chart
From Sep 2023 to Sep 2024