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Racing game publisher Motorsport Games (NASDAQ:MSGM) is seeing still more volatility, tumbling a new 24.2% Friday after announcing a $4M at-the-market offering.
The company entered a definitive agreement to issue and sell 232,188 shares of its class A common stock at $17.39 per share. The stock has slid $5.46 to trade at $17.50.
The closing of this new offering is set for on or around Feb. 7, with H.C. Wainwright & Co. acting as exclusive placement agent.
Gross proceeds will be about $4.03M, which Motorsport Games will put toward development of multiple games, working capital and general purposes.
It’s the most eventful week for the stock in many months. On Monday it launched a debt-for-equity exchange to shore up its balance sheet, sending the stock lower by 8.7%. After regaining full compliance with Nasdaq listing rules, the stock jumped 714% Tuesday, moving from $2.63 a share to $21.40.
After moving up another 73% Wednesday, the company then moved to convert all remaining debt in a new debt-for-equity exchange, and the stock fell 38% Thursday.
Before Friday’s decline, the stock moved up an aggregate 482% in five days.
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