Motorsport Games, a leading developer of racing games being spun out of Motorsport Network, filed on Friday with the SEC to raise up to $40 million in an initial public offering.
Motorsport Games develops and publishes multi-platform racing video games including for game consoles, personal computer, and mobile platforms. The company is currently the official developer and publisher of the NASCAR video game racing franchise and has obtained the exclusive license to develop multi-platform games for the British Touring Car Championship. Through a joint venture with Automobile Club de l’Ouest, the company is also in the process of obtaining the exclusive license to develop multi-platform games for the Le Mans race and the FIA World Endurance Championship, expected in the 1Q21. Since its formation, its NASCAR video games have sold over 1 million copies for game consoles and PCs.
The Miami, FL-based company was founded in 2015 and booked $18 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol MSGM. Motorsport Games filed confidentially on September 8, 2020. Canaccord Genuity and The Benchmark Company are the joint bookrunners on the deal. No pricing terms were disclosed.
