UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
On July 21, 2022, Motorsport Games Inc., a Delaware corporation (the “Company”), entered into a letter agreement, dated July 21, 2022 but effective as of July 19, 2022 (the “Second Amendment”), further amending the terms of (i) the share purchase agreement dated March 31, 2021 (the “SPA”) with Luminis International BV, Technology In Business B.V. (“TIB”) and certain TIB’s shareholders parties to such amendment and (ii) the related deed of pledge that secured payment by the Company of the $2,200,000 deferred installment of the purchase price under the SPA (as previously amended on April 22, 2022).
Material terms of each of the SPA, the related deed of pledge and the April 22, 2022 amendment thereof were previously disclosed in the Company’s current reports on Form 8-K filed with the Commission on April 1, 2021 and April 28, 2022, respectively.
Pursuant to the Second Amendment, the deferred installment amount due to be paid under the SPA, as amended, by the Company on July 19, 2022 was reduced from $2,200,000 to $1,870,000 as a result of the Company’s pay down of $330,000 to be made shortly after entering into the Second Amendment. The remaining $1,870,000 plus interest thereon at 15% per annum is to be paid as follows: (i) $100,000 monthly payments from August 15, 2022 through December of 2022 and (ii) $150,000 monthly payments from January 15, 2023 until the entire unpaid $1,870,000 and accrued and unpaid interest thereon are paid in full. Further, pursuant to the Second Amendment, secured obligations under the deed of pledge have been correspondingly reduced from $2,200,000 to $1,870,000.
The foregoing description of the Second Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Second Amendment, a copy of which are attached hereto as Exhibit 10.1 and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
| 10.1 | ||
| 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: July 22, 2022 | By: | /s/ Dmitry Kozko |
| Dmitry Kozko, Chief Executive Officer | ||
| 3 |
EXHIBIT INDEX
| Exhibit No. | Description | |
| 10.1 | ||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| 4 |