secwatch.observer — SEC 8-K summary
======================================

Issuer:     Motorsport Games Inc. (MSGM)
CIK:        0001821175
Form:       8-K
Filed at:   2022-11-14T23:59:59+00:00
Accession:  0001493152-22-032208
Event type: regulatory
Sentiment:  negative
Materiality: 0.85
Item codes: 3.01, 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Motorsport Games loses three independent directors; faces Nasdaq delisting for board composition and share count
--------------------------------------------------------------------------------

- Three independent directors (Anderson, Moore, Piovanetti) resigned Nov 9, 2022, citing disagreement with majority stockholder MSN over capital raising proposals.
- Company notified Nasdaq of non-compliance with Rule 5605(b)(1) (independent board majority) and Rule 5605(c)(2) (audit committee composition).
- Also non-compliant with minimum 500,000 publicly held shares (Rule 5550(a)(4)); received deficiency letter with plan deadline Dec 29, 2022.
- John Delta (former interim CFO) appointed to board and audit committee; Dmitry Kozko named interim CFO effective Nov 9, 2022.
- Company plans to issue additional shares to non-affiliates to regain compliance; no assurance of success.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1821175/000149315222032208/0001493152-22-032208-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1821175/000149315222032208/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-22-032208

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer