Better known today as the developer of Skyrim and Fallout, Bethesda once had a well-respected racing game franchise and were deep into development of a licensed Skip Barber Racing title that never released.
Video game development is full of names that have made groundbreaking steps you’ve never even heard about. Shawn Nash is a behind-the-scenes pioneer responsible for SODA Off Road Racing’s incredible physics, Papyrus’ graphical advancements and iRacing’s use of laser scan data for the physical track surfaces.
This interview with RSC, published in 2021, details his early life and career, through both his own company, Papyrus, Electronic Arts, to his time at iRacing.
Posting this item late due to sickness. Apologies for the gap in coverage (whole of February, 2024).
As I reported back in November, Motorsport Games may lose their NASDAQ listing if they can’t regain a minimum $2.5M stockholder equity. As I predicted back then, Motorsport Games were able to deliver a plan and a recent SEC filing from the company confirms their deadline was extended until May (June reporting) once NASDAQ regulators accepted that plan.
Even if they do not regain a $2.5M stockholder equity by June the company may still not be de-listed as this decision comes down to the Listing Qualifications Panel. See the text below (quoted from the SEC filing).
On February 5, 2024, the Nasdaq Stock Market LLC (“Nasdaq”) notified Motorsport Games Inc. (the “Company”) that, based on Nasdaq’s review of the Company and the materials submitted by the Company to Nasdaq, Nasdaq’s staff has determined to grant the Company an extension to regain compliance with Nasdaq’s minimum $2,500,000 stockholders’ equity requirement set forth in Listing Rule 5550(b)(1) (the “NCM Equity Rule”), until May 15, 2024, subject to the Company’s regaining and evidencing compliance with the NCM Equity Rule by such date.
The deficiency with respect to the Company’s compliance with the NCM Equity Rule was disclosed in the Company’s Current Report on Form 8-K filed by the Company on November 22, 2023. In the event the Company does not regain and evidence compliance with the NCM Equity Rule by May 15, 2024, Nasdaq’s staff will provide written notification to the Company that its securities may be subject to delisting. Further, if the Company fails to evidence compliance upon filing its periodic report for June 30, 2024, with the SEC and Nasdaq the Company may be subject to delisting. At that time, the Company may appeal Nasdaq’s staff’s determination to a Listing Qualifications Panel.
The Company plans to regain and evidence compliance with the NCM Equity Rule prior to May 15, 2024. To regain compliance with Nasdaq’s minimum $2,500,000 stockholders’ equity requirement threshold, the Company plans to negotiate and implement equity financing transactions and negotiate reductions of its licensing liabilities; provided that there can be no assurances that such financing transactions and reductions of its licensing liabilities will be consummated or that they will achieve their intended effects.
It is important to recognize, especially for those who seem to want to see Motorsport Games disappear, that de-listing doesn’t make a company go away and anyone saying so has no idea what they are talking about. The stock remains tradeable in other markets after de-listing and could be removed from public listings (becoming privately held) for less cost today because of the low value it currently trades for. Regardless, the company gets to continue and seek investment in traditional ways. If they can make money and actually deliver a game, like it seems they are doing with Le Mans Ultimate, they’re not going anywhere. I’m all for a terrible product getting terrible sales, but punishing innocent people because Studio 397 got bought out a few years back? No thanks.
I’ve said this in multiple places: The Motorsport Games people despise no longer exists. The loss of Studio 397, the loss of rFactor 2, the loss of Le Mans Ultimate would be a terrible loss to sim racing. Not least because the only way I see Motorsport Games failing at this point is if their best assets, their development team at Studio 397, all leave. And I think that would only really happen if Motorsport Games wasn’t able to pay them. Families going without pay. That’s what you’re cheering for? No thanks.
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