Motorsport Games warns of impact from Russia sanctions

Motorsport Games

02/03/2022 14:41

March 2 (Reuters) - Motorsport Games Inc  MSGM.O  said on
Wednesday the sanctions against Russia, in response to the
country's invasion of Ukraine, could delay the release of the
racing game developer's future titles.
    Shares of the Miami, Florida-based company, which is known
for "NASCAR" series and "KartKraft", fell nearly 1% in early
trading.
    Motorsport Games said a significant portion of its
development staff is based in Russia and the sanctions could
impact its ability to use Russian staff for future game
development.
    The company did not immediately respond to a Reuters query
on the number of employees working out of Russia.
    "Prolonged unrest, intensified military activities or more
extensive sanctions impacting the region could have a material
adverse effect on our operations, results of operations,
financial condition, liquidity and business outlook," the
company said https://bit.ly/3sAS8K0 in a regulatory filing.
    A number of companies including Apple  AAPL.O , Alphabet's
 GOOGL.O  Google and Microsoft  MSFT.O  have taken action to
limit, put on hold or exit business activities in Russia
following a wave of sanctions imposed after Moscow's invasion of
Ukraine.  urn:newsml:reuters.com:*:nL8N2V34SN

 (Reporting by Tiyashi Datta in Bengaluru; Editing by Shailesh
Kuber)
 ((tiyashi.datta@thomsonreuters.com;))