Benzinga | Mar 15, 2021 07:06AM EDT

Motorsport Games To Acquire Remaining Shares Of Ascend's 704Games Company; Upon Closing, Motorsport Games Will Own 100% Of Outstanding Shares Of 704Games

MIAMI, March 15, 2021 (GLOBE NEWSWIRE) -- Pursuant to it previously disclosed offer to Ascend FS, Inc., Motorsport Games Inc. (NASDAQ:MSGM) ("Motorsport Games"), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, announced today it has entered into a definitive agreement with Ascend to acquire the shares of 704Games Company owned by Ascend. The 704Games shares owned by Ascend represent 10.1% of the outstanding common stock of 704Games and will be acquired by Motorsport for the same per share consideration previously disclosed in Motorsport Game's agreement to acquire 7.6% of the outstanding shares of 704Games from PlayFast Games, LLC.