Canaccord Genuity Acts as Left Bookrunner for Motorsport Games’ $69 Million Initial Public Offering
Canaccord Genuity is pleased to announce that on January 15, 2020, its client, Motorsport Games Inc. (Motorsport Games or the “Company”) (NASDAQ: MSGM), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, closed its Initial Public Offering (“IPO”) for total gross proceeds to the Company of $69 million, including the full exercise of the over-allotment option.
The Company offered 3,450,000 shares of Class A common stock, inclusive of the full exercise of the overallotment option, at an offer price of $20.00 per share. The offering priced above the initial range of $16.00 – 18.00 per share and was upsized from the initial offer of 2,702,500 shares of Class A common stock, inclusive of the over-allotment option.
Motorsport Games combines innovative and engaging video games with exciting esports competitions and content for racing fans and gamers around the globe. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series including NASCAR and the British Touring Car Championship (“BTCC”). Motorsport Games is an award-winning esports partner of choice for NASCAR, 24 Hours of Le Mans, Formula E, BTCC and the FIA World Rallycross Championship, among others.
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