Motorsport Games Receives $2.5m Investment
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News/Motorsport Games Receives $2.5m Investment
Motorsport Games Receives $2.5m Investment
Motorsport Games has announced a strategic investment worth $2.5 million (~£1.8 million), led by Delaware-based virtual reality (VR) technology company Pimax, in a move aimed at bolstering the publisher’s financial footing and supporting ongoing product development.
According to a company statement, the funding will be used to enhance Motorsport Games' cash position, cover working capital and general corporate expenses, and accelerate the development of future projects. The deal includes the sale of 1.8 million shares of Class A common stock and a pre-funded warrant for an additional 377,836 shares, priced at $1.10 (£0.83) and $1.09 (£0.82) per share, respectively.
Pimax is known for its innovative VR headsets, making the partnership particularly relevant as Motorsport Games continues to explore the immersive potential of racing simulations.
“We have been very happy with the response to our very public desire to seek further investment in the company,” said Motorsport Games CEO Stephen Hood. “After comprehensive talks with Pimax, we are delighted to conclude their investment. We believe this represents excellent value for shareholders as we solidify the company’s financial position to give greater confidence in our ability to excel.”
Motorsport Games recently launched Le Mans Ultimate in early access in February 2024. Developed by Studio 397, the sim racing title is the official game of the FIA World Endurance Championship and has received a warm reception from the racing game community.
More:GAM Esports Partners with Viejet
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Motorsport Games Receives $2.5m Investment
Motorsport Games has announced a strategic investment worth $2.5 million (~£1.8 million), led by Delaware-based virtual reality (VR) technology company Pimax, in a move aimed at bolstering the publisher’s financial footing and supporting ongoing product development.
According to a company statement, the funding will be used to enhance Motorsport Games' cash position, cover working capital and general corporate expenses, and accelerate the development of future projects. The deal includes the sale of 1.8 million shares of Class A common stock and a pre-funded warrant for an additional 377,836 shares, priced at $1.10 (£0.83) and $1.09 (£0.82) per share, respectively.
Pimax is known for its innovative VR headsets, making the partnership particularly relevant as Motorsport Games continues to explore the immersive potential of racing simulations.
“We have been very happy with the response to our very public desire to seek further investment in the company,” said Motorsport Games CEO Stephen Hood. “After comprehensive talks with Pimax, we are delighted to conclude their investment. We believe this represents excellent value for shareholders as we solidify the company’s financial position to give greater confidence in our ability to excel.”
Motorsport Games recently launched Le Mans Ultimate in early access in February 2024. Developed by Studio 397, the sim racing title is the official game of the FIA World Endurance Championship and has received a warm reception from the racing game community.
More:GAM Esports Partners with Viejet
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Submit news
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