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.

item 1.01 item 3.01 item 3.02 item 5.02 item 5.07 item 9.01

Executive movements

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Appointed

Guoquan (Paul) Huang

Class II Director

MSGM · Motorsport Games Inc.

Filed: April 14, 2025, 7:59 PM ET

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

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Executive change SEC 8-K Item 5.02 confidence 0.95

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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Motorsport Games Inc. filing history →

Source: SEC EDGAR

accession 0001641172-25-004587

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