Motorsport Games Inc. (MSGM): restructuring charge — Motorsport Games cuts 39% of staff, explores sale or merger, seeks funding for console expansion

Motorsport Games Inc.

Reduces workforce by ~24 employees/contractors (~39% of global staff); expects $0.2M restructuring charge in Q4 2024.
Board authorizes exploration of strategic alternatives including potential sale or merger to maximize shareholder value.
Management seeks funding to bring Le Mans Ultimate to PlayStation and Xbox; PC early access launched Feb 2024.
CEO cites need to 'reverse prior over-expansion' and operate more efficiently while investing in growth.

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 approximately $0.2 million affecting primarily in the United States and the United Kingdom (approximately 24 employees and contractors).

Type: restructuring
Charge: approximately $0.2 million
Affected area: primarily in the United States and the United Kingdom
Headcount: approximately 24 employees and contractors

Exact text from the filing

worldwide. The Company expects to record a restructuring charge related to the workforce reduction, primarily consisting of severance and redundancy costs of approximately $0.2 million. The Company expects to recognize and pay out the majority of the restructuring charge in the fourth quarter of fiscal year 2024. The Company further anticipates the

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Motorsport Games Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-039552

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