Benzinga | Jan 12, 2021 06:04PM EST

Motorsport Games Prices 3M Share IPO at $20.00/Share

Motorsport Games Inc. (NASDAQ:MSGM), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, today announced the pricing of its initial public offering of 3,000,000 shares of its Class A common stock at a public offering price of $20.00 per share. Motorsport Games has granted the underwriters a 30-day option to purchase up to an additional 450,000 shares of its Class A common stock to cover over-allotments, if any, at the initial public offering price, less underwriting discounts and commissions. The shares of Class A common stock are expected to begin trading on January 13, 2021 on the Nasdaq Capital Market under the ticker symbol "MSGM." The gross proceeds from the offering to Motorsport Games, before deducting underwriting discounts and commissions and other offering expenses payable by Motorsport Games, are expected to be approximately $60.0 million, excluding any exercise of the underwriters' option to purchase additional shares. The offering is expected to close on January 15, 2021, subject to the satisfaction of customary closing conditions.

Canaccord Genuity LLC and The Benchmark Company, LLC are acting as joint book-running managers for the offering.