Canaccord Genuity LLC and The Benchmark Company, LLC, served as underwriters in the initial public offering (IPO) of Motorsport Games Inc. on the Nasdaq Capital Market. Motorsport Games sold 3,450,000 shares of its Class A common stock at $20.00 per share for approximately $69.0 million in gross proceeds, which represented a 30% increase from what was anticipated at the beginning of the roadshow. This transaction is the first time Faegre Drinker has represented Canaccord Genuity LLC and The Benchmark Company, LLC.
On the first day of trading, the shares of Motorsport Games increased 80%, and Motorsport Games currently has a market capitalization of approximately $550 million.
Motorsport Games is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, including NASCAR, the iconic 24 Hours of Le Mans endurance race and the associated FIA World Endurance Championship, British Touring Car Championship and others.