Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games” or
“Company”), a leading racing game developer, publisher and esports
ecosystem provider of official motorsport racing series throughout
the world, announced today that it has received notice from the
Nasdaq Stock Market LLC (Nasdaq) on January 30, 2023 informing
Motorsport Games that it has regained full compliance with the
Nasdaq Listing Rules.
Motorsport Games previously notified Nasdaq on
November 11, 2022 that it was no longer in compliance with Nasdaq
Listing Rule 5550(a)(4) requiring minimum of 500,000 publicly held
shares, as defined in the Nasdaq Listing Rules, and (ii) Nasdaq
Listing Rule 5605(b)(1), which requires a majority of the Company’s
board of directors (the “Board”) to be comprised of independent
directors as defined in Rule 5605(a)(2), and Nasdaq Listing Rule
5605(c)(2), which requires the audit committee of the Board to
consist of at least 3 independent directors meeting the heightened
independence standards for audit committee members.
As previously disclosed by the Company, as a
result of the issuances by the Company to Alumni Capital LP of the
Company’s Class A common stock pursuant to the previously reported
purchase agreement with Alumni Capital LP, the Company’s publicly
held shares exceeded 500,000 shares. Dmitry Kozko, Chief Executive
Officer of Motorsport Games, commented, “With the addition of Nav
Sunner in January and Andrew Jacobson in December, joining John
Delta as independent directors, the board of directors is
reconstituted adding significant talent and resources to our
collective experience.”
Bios:
Nav Sunner is a highly experienced lawyer and
business development expert immersed in the video games industry.
After qualifying as a lawyer with Pinsent Masons, he spent several
years as Head of Legal at Codemasters as well as General Counsel at
Mastertronic Group. Following a further period practicing law as
Co-Head of Interactive Entertainment for Osborne Clarke and,
subsequently, as Head of Computer Games for Wiggin, Nav worked with
Japanese games company GREE. Nav then spent time as Commercial
Director for a games studio at Microsoft as well as being on the
Board of esports company EGL. Currently, in addition to his video
game consultancy "Navatron," he is a Director at MMO games company
Vavel. Nav's long career in the video games industry has included
extensively being involved with legal and business issues relating
to racing games.
Andrew Jacobson is a digital media sales and
marketing executive with over two decades of leadership experience
in the online publishing, ad tech and automotive industries. During
his career he has guided teams and companies - both large and
startups - to record sales and revenue growth. In his current
position, he leads Epsilon's automotive programmatic digital media
client team, and acts as a consultant to publishers and startups on
strategy, product development, CRM, programmatic monetization,
organization structure and compensation planning. In 2015, as
Global Head of Sales, Andrew was part of the leadership team that
grew and sold digital media company VerticalScope Holdings for more
than $300 million. He has been a top-rated speaker, moderator and
panelist at many industry conferences including J.D. Power
Automotive Marketing Roundtable, SEMA, Programmatic I/O, Digital
Dealer, Automotive Attribution Summit and others. Andrew holds a
B.A. from Pomona College and an M.B.A. from the Kellogg School of
Management, Northwestern University.
John Delta is an experienced operating and
financial executive and entrepreneur with experience in enterprises
from $2 million to $500 million. He is currently a Partner at
TechCXO, which provides outsourced on demand C-Suite executives to
institutionally-backed companies. He was formerly a consultant at
McKinsey & Co. and Deloitte & Touche and was Vice President
of Interactive Services at the NASDAQ Stock Market. He has
extensive experience with both portfolio companies of Private
Equity firms and US and international publicly traded companies.
His main areas of focus are mid-stage software, SaaS and
consumer-facing firms in need of assistance with CFO duties,
transaction execution and scaling their finance/operations. John
has broad consulting, operations and finance experience, and holds
both a BA and MBA from the University of Virginia.
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.
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. 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,
whether provided the Company will be able to maintain its
compliance with the Nasdaq Listing Rules. 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 SEC, including its Annual
Report on Form 10-K for the fiscal year ended December 31, 2021,
its Quarterly Reports on Form 10-Q filed with the SEC during 2022,
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.
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 & @traxiongg |
traxion.gg |
Instagram: msportgames & traxiongg |
motorsport.com |
Facebook: Motorsport Games & traxiongg |
|
LinkedIn: Motorsport Games |
|
Twitch: traxiongg |
|
Reddit: traxiongg |
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
An image accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4b9e488a-5297-41e5-96cf-13672a005843
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