Motorsport Games Inc. (MSGM): restructuring charge — Motorsport Games cuts ~40% of workforce (~38 employees) in Australia and UK

Motorsport Games Inc.

Restructuring charge estimated $0.4M-$0.5M, mostly in Q4 2023.
Reduction primarily affects Australia and UK operations; 38 employees impacted.
Company cites need to reduce year-over-year operating expenses.
Cash payments expected to be substantially complete by end of Q4 2023.
Subject to legal requirements in Australia and UK, may extend beyond Q4.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Motorsport Games Inc. announced a restructuring with charges of $0.4 to $0.5 million affecting Australia and the United Kingdom (approximately 38 employees).

Type: restructuring
Charge: $0.4 to $0.5 million
Affected area: Australia and the United Kingdom
Headcount: approximately 38 employees

Exact text from the filing

on October 29, 2023, the Company determined to implement additional measures to continue to bring down its year-over-year operating expense through a reduction of the Company’s workforce primarily in Australia and the United Kingdom by approximately 38 employees. The workforce reduction is expected to impact approximately 40% of the Company’s employees worldwide. The Company expects to record a restructuring charge related to the workforce reduction, primarily consisting of severance and redundancy costs, in a preliminary estimated range of $0.4 to $0.5 million.

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Motorsport Games Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-039127

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