8-Kfiled April 14, 2025, 7:59 PM ETticker MSGMCIK 0001821175
other materialconfidence highsentiment positivemateriality 0.75
Motorsport Games Inc. (MSGM): Nasdaq/NYSE listing notice — Motorsport Games raises $2.5M private placement; expects to regain Nasdaq compliance for equity deficiency
Motorsport Games Inc.
Gross proceeds $2.5M from sale of 1,894,892 shares and pre-funded warrants at $1.10/share (33% premium to April 10 close).
Net proceeds ~$2.35M; used for working capital, general corporate expenses.
Nasdaq had given extension to April 14, 2025 to regain stockholders' equity >$2.5M; company believes it has regained compliance via proceeds.
Appointed Guoquan (Paul) Huang as Class II director, designated by purchasers.
Stockholder written consent approved right of first refusal and exercise of pre-funded warrants.
On April 10, 2025, the Board appointed Guoquan (Paul) Huang to serve on the board of directors, effective upon the closing of the Private Placement and the satisfactory completion of a background check, as a Class II director for a term expiring at the 2026 annual meeting of stockholders and until his successor is elected and qualified or until his earlier death, resignation or removal or as otherwise provided in the bylaws of the Company.
Key facts
Extracted from this filing and checked against the source text.
Motorsport Games Inc. received a nasdaq extension granted notice regarding stockholders equity (rules 5550(b)(1)).
Exchange
nasdaq
Notice
extension granted
Deficiency
stockholders equity
Rules
5550(b)(1)
Exact text from the filing
in the most recently completed fiscal year or in two of the three most recently completed fiscal years. As of December 31, 2024, the Company’s stockholders’ equity was $1,226,002. In accordance with Nasdaq rules, the Company had until January 6, 2025 to submit a plan to the Nasdaq Staff to regain compliance with the Stockholders’ Equity Requirement, which
Guoquan (Paul) Huang was appointed as Class II Director at Motorsport Games Inc..
Action
appointed
Role
Class II Director
Exact text from the filing
On April 10, 2025, the Board appointed Guoquan (Paul) Huang to serve on the board of directors, effective upon the closing of the Private Placement and the satisfactory completion of a background check, as a Class II director for a term expiring at the 2026 annual meeting of stockholders and until his successor is elected and qualified or until his earlier death, resignation or removal or as otherwise provided in the bylaws of the Company.
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