Glaser Weil Represents Alumni Capital in Equity Financing of Motorsport Games

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.