December 12, 2022
Glaser Weil Partner Marc Indeglia and Associate Gabriel Kiss represented Alumni Capital Management in an equity financing of Motorsport Games Inc. (NASDAQ: MSGM), a leading racing game developer, publisher and esports ecosystem provider. Alumni Capital is a millennial alternative investment manager comprising alumni and students from various schools throughout the United States. The company aims to invest in top-tier, innovative companies in the public markets.
Under the terms and conditions of the agreement, Motorsport Games has the right, but not the obligation, to sell to Alumni Capital $2 million of its shares of Class A common stock, an amount that may increase at Motorsport Games’ option up to $10 million in shares, until December 31, 2023, subject to certain limitations. The offering was registered with the Securities & Exchange Commission on Motorsport Games’ effective shelf registration statement on Form S-3.
Motorsport Games intends to use the proceeds for product development and to further execute on its business plan and growth strategies. The transaction closed on December 9, 2022.