A new investor, in the form of Alumni Capital LP, has agreed to purchase equity in video game developer Motorsport Games.
Initially, this is for up to $2 million of common stock, and there is the option to up it to $10 million until 31st December 2023.
Announced today, 9th December 2022, the deal is subject to specific, undisclosed, limitations.
“We are pleased to enter into the purchase agreement and expect to use the proceeds, as available, for product development and other business purposes. This transaction provides us with additional financial flexibility as we continue to execute on our business plan,” said Dmitry Kozko, CEO and Executive Chairman of Motorsport Games.
At present, while the newly available potential funds will no doubt be welcomed, the company is still looking for new board members in order to remain Nasdaq compliant.
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