Motorsport Games Announces Debt-for-Equity Exchange with Motorsport Network

January 30, 2023

https://www.globenewswire.com/news-release/2023/01/30/2597942/0/en/Motorsport-Games-Announces-Debt-for-Equity-Exchange-with-Motorsport-Network.html

MIAMI, Jan. 30, 2023 (GLOBE NEWSWIRE) — Motorsport Games Inc. (NASDAQ:MSGM) (“Motorsport Games” or the “Company”) today announced that the Company has entered into a debt-for-equity exchange agreement (the “Agreement”) with its majority stockholder, Motorsport Network, LLC (“Motorsport Network”), to repay $1,000,000 in debt (including principal and accrued and not yet paid interest) of the Company under its $12 million line of credit with Motorsport Network.

Read more at globenewswire.com

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