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Item 1.02 Termination of a Material Definitive Agreement.
On November 8, 2023, INDYCAR, LLC (“INDYCAR LLC”) delivered a notice to Motorsport Games Inc. (the “Company”) to terminate the two license agreements, each dated July 13, 2021, by and between INDYCAR LLC and the Company (collectively, the “INDYCAR License Agreements”), effective immediately. Pursuant to the INDYCAR License Agreements, INDYCAR LLC had granted the Company licenses to use certain licensed intellectual property for motorsports and/or racing video gaming products and esports events related to, themed as, or containing the INDYCAR racing series. INDYCAR LLC stated that its decision to terminate the INDYCAR License Agreements was due to the Company’s alleged failure to satisfy certain of its obligations under the INDYCAR License Agreements, including making INDYCAR racing series video gaming products available in the United States and facilitating a minimum number of INDYCAR racing series esports events, in each case, as specified in the applicable INDYCAR License Agreement. The Company is evaluating the validity of INDYCAR LLC’s notice of termination, including demands for certain payments under the INDYCAR License Agreements, as well as the Company’s options under the INDYCAR License Agreements.
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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: November 14, 2023 | By: | /s/ Stephen Hood |
| Stephen Hood | ||
| Chief Executive Officer and President | ||