Motorsport Games Inc. announced on February 20, 2025, that it has entered into a Settlement Agreement with Technology In Business B.V. and Luminis International B.V. to resolve all outstanding disputes related to its 2021 acquisition of Studio397 B.V. from Luminis.
Under the terms of the Agreement, Motorsport Games will satisfy the full amount due—originally comprising both an initial cash payment at closing and deferred payments—by paying a total settlement sum of $750,000. The payment will be made in five equal installments of $150,000. The first installment is scheduled to commence on March 5, 2025, with subsequent payments due on April 2, May 5, June 4, and July 3, 2025.
A copy of the Settlement Agreement is filed as Exhibit 10.1 to the 8-K report and outlines all the detailed terms and conditions of the transaction. The settlement marks a conclusive resolution of the disputes stemming from the Studio397 transaction, allowing both parties to move forward without further litigation on the matter.
The filing was signed on behalf of Motorsport Games by Chief Executive Officer and President Stephen Hood on February 26, 2025.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Motorsport Games’s 8K filing here.
About Motorsport Games
Motorsport Games Inc develops and publishes multi-platform racing video games in the United States. It operates through Gaming and Esports segments. The company offers rFactor 2, a realistic racing simulation game; NASCAR Heat Mobile, a racing experience for mobile devices; NASCAR Heat 3, NASCAR Heat 4, NASCAR Heat 5, NASCAR Heat Ultimate Edition, and NASCAR 21: Ignition, which are racing video games; KartKraft, a kart racing simulator; NASCAR Rivals, a racing video game; and Le Mans Ultimate, a official game of the FIA World Endurance Championship and 24 Hours of Le Mans.
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