Brief: Motorsport Games Announces Transformative 2022 Restructuring Program, Financing Commitment And Plans For Reverse Stock Split

Motorsport Games

08/09/2022 14:02

Sept 8 (Reuters) - Motorsport Games Inc  MSGM.O :
    * MOTORSPORT GAMES ANNOUNCES TRANSFORMATIVE 2022
RESTRUCTURING
PROGRAM, FINANCING COMMITMENT AND PLANS FOR REVERSE STOCK SPLIT
    * MOTORSPORT GAMES INC - EXECUTED A SUPPORT AGREEMENT WITH
ITS
MAJORITY STOCKHOLDER, MOTORSPORT NETWORK, LLC
    * MOTORSPORT GAMES INC - MOTORSPORT NETWORK RECENTLY PAID A
$3
MILLION CASH ADVANCE TO MOTORSPORT GAMES UNDER TERMS OF PARTIES'
PRE-EXISTING LINE OF CREDIT
    * MOTORSPORT GAMES INC - PLANS TO EFFECT A 1-FOR-10 REVERSE
STOCK
SPLIT DURING Q4 OF 2022
    * MOTORSPORT GAMES INC - MOTORSPORT NETWORK AGREED TO
EXERCISE ITS
COMBINED 94% VOTING POWER TO SUPPORT REVERSE STOCK SPLIT
    * MOTORSPORT GAMES INC - EXPECTS TO ELIMINATE APPROXIMATELY
20% OF
ITS OVERHEAD COSTS WORLDWIDE
    * MOTORSPORT GAMES INC - 2022 RESTRUCTURING PROGRAM INCLUDES
RIGHT-SIZING ORGANIZATION

Source text for Eikon:  ID:nGNXbvN0GY 
Further company coverage:  MSGM.O 

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