UNITED STATES
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FORM
CURRENT REPORT
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Item 1.01 Entry Into a Material Definitive Agreement
On April 26, 2024, Motorsport Games Inc., a Delaware corporation (the “Company”), entered into an Asset Purchase Agreement (the “Agreement”) with Traxion.GG Limited (“Traxion.GG”). Pursuant to the Agreement, the Company sold to Traxion.GG certain of the Company’s assets related to the Company’s motorsport and racing games community content platform (“Traxion”). Such sale, closed on April 26, 2024, was in furtherance of streamlining the Company’s operations, reduction of operational costs and divestiture of non-core components. The consideration of the assets was $250,000 consisting of $200,000 cash payment at closing and $50,000 in value of marketing services to be provided by Traxion.GG to the Company during the period from April 26, 2024 through December 31, 2026 on YouTube, Twitch, Instagram, X (formerly known as Twitter) and Facebook, and access to the Traxion YouTube and Twitch channels for Le Mans Virtual Series and key esports and gaming events as agreed between Traxion.GG and the Company.
The above description of the Agreement is intended as a summary only and is qualified in its entirety by the terms and conditions set forth therein. Copy of the Agreement is attached hereto as Exhibit 10.1 and is incorporated herein by this reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| 10.1 | Asset Purchase Agreement, dated as of April 26, 2024, between the Company and Traxion.GG Limited |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| 2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Motorsport Games Inc. | ||
| Date: May 1, 2024 | By: | /s/ Stephen Hood |
| Stephen Hood | ||
| Chief Executive Officer and President | ||
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EXHIBIT INDEX
| Exhibit No. | Description | |
10.1 |
Asset Purchase Agreement, dated as of April 26, 2024, between the Company and Traxion.GG Limited | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| 4 |