M&A - Motorsport Games Inc.

Form Type: 8-K

Filing Date: 2025-02-26

Corporate Action: Acquisition

Type: New

Accession Number: 000149315225008338

Filing Summary: On February 20, 2025, Motorsport Games Inc. entered into a Settlement Agreement with Technology In Business B.V. and Luminis International B.V. This Agreement resolved disputes related to the Company's acquisition of 100% of the share capital of Studio397 B.V. from Luminis in April 2021. The purchase originally included both cash at closing and Deferred Payments. As part of the settlement, Motorsport Games agreed to pay Luminis a total of $750,000 in five installments of $150,000 each, starting on March 5, 2025. This payment will settle all amounts owed under the acquisition agreement, including deferred payments. Upon payment, Luminis will release its security interest in the pledged stock of Studio397. The settlement includes conditions for termination by Luminis if payments are not made on time and not cured within five days of notice.