Motorsport Games Announces Completion of Previously

MIAMI, Nov. 10, 2022 (GLOBE NEWSWIRE) — As beforehand introduced, Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games” or the “Company”) confirmed at the moment that the 1-for-10 reverse inventory cut up of the Company’s Class A and Class B frequent inventory turned efficient as of 12:01 a.m. EST on November 10, 2022 (the “Effective Time”).

Motorsport Games effected the reverse inventory cut up by submitting a constitution modification with the Delaware Secretary of State. The reverse inventory cut up was beforehand authorised by the Company’s Board of Directors and stockholders pursuant to Sections 228 and 242 of the Delaware General Corporation Law.

The Company’s Class A standard inventory started buying and selling on the NASDAQ on a split-adjusted foundation when the market opened at the moment, November 10, 2022, underneath a brand new CUSIP quantity, 62011B 201.

As a consequence of the reverse inventory cut up, every 10 shares of the Company’s Class A and Class B frequent inventory issued and excellent instantly previous to the Effective Time had been robotically mixed into 1 share of Class A standard inventory and Class B frequent inventory, respectively, topic to the elimination of fractional shares, as described under.

The similar 1-for-10 reverse inventory cut up ratio was used to impact the reverse inventory cut up of each Motorsport Games Class A and Class B frequent inventory, and accordingly, all stockholders had been affected proportionately. The reverse inventory cut up decreased the Company’s issued and excellent shares of frequent inventory from roughly 11,673,587 shares of Class A standard inventory and seven,000,000 shares of Class B frequent inventory to roughly 1,167,358 and 700,000 shares, respectively.

The quantity of shares of Class A standard inventory topic to the Company’s excellent worker and director inventory choices, in addition to the related train worth per share, shall be proportionately adjusted to replicate the reverse inventory cut up. Accordingly, the roughly 821,962 excellent inventory choices shall be decreased to roughly 82,196 excellent inventory choices. The quantity of shares approved for issuance underneath the Company’s inventory plan may also be decreased from 1,000,000 shares of Class A standard inventory to 100,000 shares of Class A standard inventory utilizing the identical 1-for-10 cut up ratio.

The Company has notified NASDAQ that the Company shouldn’t be in compliance with the Nasdaq Listing Rules requiring minimal of 500,000 publicly held shares.

About Motorsport Games:

Motorsport Games, a Motorsport Network firm, is a number one racing sport developer, writer and esports ecosystem supplier of official motorsport racing sequence all through the world. Combining modern and fascinating video video games with thrilling esports competitions and content material for racing followers and avid gamers, Motorsport Games strives to make the enjoyment of racing accessible to everybody. The Company is the formally licensed online game developer and writer for iconic motorsport racing sequence throughout PC, PlayStation, Xbox, Nintendo Switch and cellular, together with NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”), in addition to the business main rFactor 2 and KartKraft simulations. rFactor 2 additionally serves because the official sim racing platform of Formula E, whereas additionally powering F1 Arcade by a partnership with Kindred Concepts. Motorsport Games is an award-winning esports associate of selection for twenty-four Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, amongst others. Motorsport Games is constructing a digital racing ecosystem the place every product drives pleasure, each esports occasion is an journey and each story evokes.

FORWARD-LOOKING STATEMENTS

Certain statements on this press launch which aren’t historic information are forward-looking statements throughout the that means 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 supplied pursuant to the secure harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements on this press launch that aren’t statements of historic truth could also be deemed forward-looking statements. Words akin to “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” and related expressions are meant to determine 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, many of that are typically outdoors the management of Motorsport Games and are troublesome to foretell. Examples of such dangers and uncertainties embrace, with out limitation, sudden developments with respect to the reverse inventory cut up, together with, with out limitation, future decreases within the worth of the Company’s Class A standard inventory whether or not attributable to, amongst different issues, the announcement of the reverse inventory cut up, the Company’s lack of ability to make its Class A standard inventory extra enticing to a broader vary of institutional or different traders. Additional components that might trigger precise outcomes to vary materially from these expressed or implied within the forward-looking statements might be present in Motorsport Games’ filings with the SEC, together with its Annual Report on Form 10-Okay for the fiscal yr ended December 31, 2021, its Quarterly Reports on Form 10-Q filed with the SEC throughout 2022, in addition to in its subsequent filings with the SEC. Motorsport Games anticipates that subsequent occasions and developments might trigger its plans, intentions and expectations to alter. Motorsport Games assumes no obligation, and it particularly disclaims any intention or obligation, to replace any forward-looking statements, whether or not in consequence of new info, future occasions or in any other case, besides as expressly required by legislation. Forward-looking statements converse solely as of the date they’re made and shouldn’t be relied upon as representing Motorsport Games’ plans and expectations as of any subsequent date.

Website and Social Media Disclosure:

Investors and others ought to notice that we announce materials monetary info to our traders 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 traders and the general public about our firm and our merchandise. It is feasible that the knowledge we submit on our web sites, social media and blogs might be deemed to be materials info. Therefore, we encourage traders, the media and others curious about 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 occasionally on our investor relations web site):

The contents of these web sites and social media channels should not half of, nor will they be integrated by reference into, this press launch.

Contacts:

Investors:

[email protected]

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