Motorsports Games Looking at Strategic Alternative, Cuts More Staff

Dow Jones10-05

By Paul Ziobro

Motorsport Games is looking at strategic alternatives, including a possible sale, and plans to cut more jobs as part of its restructuring.

The videogame developer on Friday said its board has authorized management to consider alternatives, as well as seek funding that would allow it to look at ways to bring its "Le Mans Ultimate" videogame to Sony PlayStation and Microsoft Xbox gaming consoles.

The company is also cutting jobs in the U.S. and U.K. In a filing with the Securities and Exchange Commission, Motorsport said that it would reduce its workforce by about 24 employees and contractors, about 39% of its global workforce.

The company plans to record a restructuring charge of about $200,000 related to the layoffs, according to the filing.

"These changes position us to become a more agile, focused, and efficient company -- one that is conscious of our forthcoming operating requirements as well as within-reach growth opportunities," Chief Executive Stephen Hood said.

He added the company has received inquiries from interest parties regarding strategic acquisitions.

Write to Paul Ziobro at paul.ziobro@wsj.com

(END) Dow Jones Newswires

October 04, 2024 17:27 ET (21:27 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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