Motorsport Games settles INDYCAR dispute for $400k, gains equity to cure Nasdaq deficiency

Motorsport Games Inc.

Settled ~$2.9M INDYCAR liabilities for $400k cash ($250k paid on May 17, $150k by May 20); ~$2.5M gain added to stockholders' equity.
Believes it has regained compliance with Nasdaq minimum stockholders' equity rule of $2.5M (was non-compliant since Nov 2023).
Granted INDYCAR a perpetual, royalty-free, exclusive license to use certain IP for INDYCAR series esports and gaming worldwide.
Also agreed to provide up to 50 hours free transition consulting through Dec 31, 2024.
Nasdaq will continue to monitor; company must evidence compliance upon next periodic report (June 30, 2024) or face delisting.

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