MIAMI, Feb. 02, 2023 (GLOBE NEWSWIRE) — Motorsport Games Inc. MSGM (“Motorsport Games” or the “Company”), announced today that it has entered into a definitive agreement to issue and sell an aggregate of 144,366 Class A common shares of the Company at a purchase price of $23.50 per share in a registered direct offering at market price under Nasdaq Rules. Closing of the offering is expected to occur on or about February 3, 2023, subject to satisfaction of customary closing conditions.

HC Wainwright & Co. is acting as the exclusive placement agent for the offering.

Gross proceeds to Motorsport Games from the Offering are expected to be approximately $3.39 million before deducting placement agent fees and other offering costs payable by the Company. Motorsport Games currently intends to use the net proceeds from the private placement for multiple game development, working capital and general corporate purposes.

The Class A common stock described above is being offered and sold by the Company pursuant to a “Regal” registration statement on Form S-3 (Registration No. 333-262462), including a base prospectus, previously filed with the Securities Exchange Commission (SEC) on February 2, 2022 and declared effective by the SEC on February 10, 2022. The offering of the Class A Common Shares is being made only by means of a prospectus supplement which forms part of the Registration Statement. A final prospectus supplement and an accompanying base prospectus relating to the offering will be filed with the SEC and are available on the SEC’s website at http://www.sec.gov. Electronic copies of the Final Prospectus Supplement and the accompanying Base Prospectus may also be obtained from HC Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (212) 856-5711 or by email. mail to Placements@hcwco.com.

This press release does not constitute an offer for sale or a…