The stock of Motorsport Games Inc. (NASDAQ: MSGM), which executed a stock split on Thursday, has increased 24.54% to $8.07 in the current market.
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What type of split did MSGM finish?
The 1-for-10 reverse stock split of the Company’s Class A and Class B common shares took effect at 12:01 a.m. Eastern Standard Time on November 10, 2022 (the “Effective Time”), Motorsport Games (MSGM) revealed today.
By submitting a charter modification to the Delaware Secretary of State, Motorsport Games was able to implement the reverse stock split. In accordance with Sections 228 and 242 of the Delaware General Corporation Law, MSGM’s Board of Directors and investors previously approved the reverse stock split.
When the market opened today, November 10, 2022, MSGM Class A Common Stock commenced trading on the NASDAQ on a split-adjusted basis with a new CUSIP number, 62011B 201. The reverse stock split resulted in the automatic conversion of each 10 shares of MSGM Class A and Class B common stock issued and outstanding immediately before the Effective Time into one share of each class.
MSGM delayed the release of its quarterly results:
Yesterday, Motorsport Games announced the postponement of its previously scheduled November 10 results release and conference call for the third quarter ended September 30, 2022. The revised date and timing for the rescheduled earnings conference will be revealed in a press release by MSGM.
A content upgrade was announced by MSGM:
A feature upgrade for rFactor 2, one of the most realistic sim racing systems accessible to racers worldwide, was revealed by MSGM this week. The content update for this quarter includes new vehicles for consumers to test drive. The British Touring Car Championship (BTCC), Motorsport Games, and Studio 397 have partnered to add a fifth real-world vehicle to the lineup: the BMW 330i M Sport NGTC BTCC. West Surrey Racing’s rear-wheel-drive vehicle is the company’s official entry into the BTCC. The Vanwall Vandervell LMH will also be included; it will be constructed in accordance with Le Mans Hypercar standards using data collected from the genuine car and the same technical team.
How will MSGM progress go forward?
Motorsport Games (MSGM) is thrilled for its fans to get behind the wheel and compete with new vehicles and on new circuits with this update as rFactor 2 continues to develop and define what top simulation platforms should look like. In addition to being the official esports partner of Formula E and the official simulation platform of Formula E, rFactor 2, MSGM will be able to incorporate the aspects of real-world racing into the simulation and offer a genuine experience for everyone thanks to its connection with the BTCC.
