Form 8-K
8-K — Motorsport Games Inc.
Accession: 0001493152-26-018755
Filed: 2026-04-23
Period: 2026-04-22
CIK: 0001821175
SIC: 7372 (SERVICES-PREPACKAGED SOFTWARE)
Item: Entry into a Material Definitive Agreement
Item: Completion of Acquisition or Disposition of Assets
Item: Material Modifications to Rights of Security Holders
Item: Changes in Control of Registrant
Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
Item: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Item: Submission of Matters to a Vote of Security Holders
Item: Financial Statements and Exhibits
Documents
8-K — form8-k.htm (Primary)
EX-3.1 (ex3-1.htm)
EX-3.2 (ex3-2.htm)
EX-10.1 (ex10-1.htm)
EX-10.2 (ex10-2.htm)
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8-K
8-K (Primary)
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2026-04-22
2026-04-22
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of report (Date of earliest event reported): April 22, 2026
Motorsport
Games Inc.
(Exact
name of registrant as specified in its charter)
Delaware
001-39868
86-1791356
(State
or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S.
Employer
Identification No.)
3350
SW 148th Avenue, Suite 207
Miramar, FL
33027
(Address
of principal executive offices)
(Zip
Code)
Registrant’s
telephone number, including area code: (305) 413-0812
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
Trading
Symbol(s)
Name
of each exchange on which registered
Class
A common stock, $0.0001 par value per share
MSGM
The
Nasdaq Stock Market LLC
(The
Nasdaq Capital Market)
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
1.01. Entry into a Material Definitive Agreement.
On
April 22, 2026, Motorsport Games Inc. (the “Company”) entered into a Share Repurchase Agreement (the “Agreement”)
with Driven Lifestyle Group LLC, a Florida limited liability company (“Driven Lifestyle”), pursuant to which the Company
purchased 904,395 shares
of the Company’s Class A Common Stock, par value $0.0001 per share (the “Class A Common Stock”)
held by Driven Lifestyle (the “Class A Shares”). The Agreement provides for the Shares to be purchased at a price of $4.11,
which is equal to the average closing price of the Class A Common Stock as reported by the Nasdaq Capital Market for the five trading
days immediately preceding the signing of the Agreement. Pursuant to Section 1 of Article V of the Company’s Certificate of Incorporation,
as amended (the “Certificate of Incorporation”), upon the repurchase of the Class A Shares, all shares of the Company’s
Class B Common Stock, par value $0.0001 per share (the “Class B Common Stock”) held by Driven Lifestyle shall be cancelled.
Pursuant
to the Agreement Driven Lifestyle executed an irrevocable written consent (the “Stockholder Consent”) in its capacity as
the holder of at least two thirds of the voting power of the Class A Common Stock and Class B Common Stock, voting together as a single
class, approving a Certificate of Amendment (the “Charter Amendment”) to the Certificate of Incorporation and Amendment No.
2 (the “Bylaws Amendment”) to the Company’s Bylaws, as amended (the “Bylaws”). The Charter Amendment provides
as follows:
● Section
A of Article IX of the Certificate of Incorporation shall be amended to provide that the
Company reserves the right to amend, alter, change or repeal any provision contained in the
Certificate of Incorporation in the manner now or hereafter prescribed in the Certificate
of Incorporation, and by the laws of the State of Delaware, and all rights conferred upon
stockholders in the Certificate of Incorporation, as so amended, are granted subject to this
reservation, which consent shall be reasonably satisfactory to the Company.
● Section
B of Article IX of the Certificate of Incorporation shall be amended to provide that the
Bylaws may be altered, amended or repealed, or new bylaws adopted, by the Board of Directors
or a simple majority of all of the then outstanding shares of the capital stock of the Company
entitled to vote generally in the election of directors, which consent shall be reasonably
satisfactory to the Company; and
● Section
C of Article VII of the Certificate of Incorporation shall be amended to provide that any
action required or permitted to be taken by the stockholders of the Company must be effected
at a duly called annual or special meeting of stockholders of the Company and may not be
effected by any consent in writing by such stockholders, which consent shall be reasonably
satisfactory to the Company.
The
Bylaws Amendment provides as follows:
● Section
6.07 of the Bylaws shall be amended to provide that the Bylaws may be altered, amended or
repealed, or new bylaws adopted, by the Board of Directors or a simple majority of all of
the then outstanding shares of the Company’s capital stock entitled to vote generally
in the election of directors, which consent shall be reasonably satisfactory to the Company;
and
● Section
2.07 of the Bylaws shall be amended to provide that any action required or permitted to be
taken by the Company’s stockholders must be effected at a duly called annual or special
meeting of stockholders of the Company and may not be effected by any consent in writing
by such stockholders.
1
The
Agreement also provides that the Company shall file an Information Statement on Schedule 14C (the “Information Statement”)
with the Securities and Exchange Commission (the “SEC”) relating to the approval of the Charter Amendment and the Bylaws
Amendment. Pursuant to Rule 14c-2 under the Exchange Act, the approval of the Charter Amendment and the Bylaws Amendment may
not take effect before a date which is 20 calendar days after a Definitive Information Statement is first provided to stockholders.
The
transactions contemplated in the Agreement were subject to customary closing conditions. The Company further agreed not to take or effect
any of the corporate actions approved by the Stockholder Consent prior to the later of: (i) the next business day following the closing
or (ii) after all requisite waiting periods for taking such corporate actions under SEC rules and regulations have passed.
The
foregoing descriptions of the Agreement, the Charter Amendment, and the Bylaws Amendment do not purport to be complete and are qualified
in its entirety by reference to each such document, copies or forms of which are filed as Exhibit 10.1, 3.1, and 3.2, respectively,
to this Current Report on Form 8-K and are incorporated by reference herein.
Item
2.01. Completion of Acquisition or Disposition of Assets.
The
disclosures set forth above under Item 1.01 relating to the repurchase of the Class A Shares are incorporated by reference herein.
Item
3.03. Material Modification to Rights of Security Holders.
The
disclosures set forth above under Item 1.01 relating to the Charter Amendment and the Bylaws Amendment are incorporated by reference
herein.
Item 5.01 Changes in Control of Registrant.
The disclosures set forth above under Item
1.01 relating to the repurchase of the Class A Shares and the cancellation of the shares of Class B Common Stock are incorporated
by reference herein. Prior to the closing of the transactions contemplated in the Agreement, Driven Lifestyle controlled more than a
majority of our issued and outstanding voting shares. After such closing, Driven Lifestyle holds 6.10% of the total voting power of our
outstanding common stock by virtue of beneficially owning 254,453 shares, or 6.10%, of our Class A Common Stock and zero shares
of our Class B Common Stock. After such closing, Sharp Arrow Global Tech Ventures L.P., which was previously our second-largest
stockholder, holds 32.15% of the total voting power of our outstanding common stock by virtue of beneficially owning 1,463,637 shares
(including 377,836 shares underlying a pre-funded warrant currently exercisable), or 32.15%, of our Class A Common Stock.
Item
5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
At
the Company’s 2026 Annual Meeting of Stockholders (the “Annual Meeting “), the Company’s stockholders approved
an Amendment (the “Plan Amendment”) to the Company’s Amended and Restated 2021 Equity Incentive Plan (the “Plan”)
to increase the number of shares of Class A Common Stock that the Company will have authority to grant under the plan from 100,000 to
600,000. A description of the Plan is set forth in the Company’s definitive proxy statement for the 2026 Annual Meeting, as filed
with the SEC on March 16, 2026 (the “Proxy Statement”), in the section entitled “Proposal No. 2—The Incentive
Plan Increase Proposal,” which is incorporated herein by reference. The description is qualified in its entirety by reference to
the full text of the Plan Amendment, a copy of which is included as Exhibit 10.2 to this Current Report on Form 8-K and incorporated
herein by reference.
2
Item
5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
The
disclosures set forth above under Item 1.01 relating to the Charter Amendment and the Bylaws Amendment are incorporated by reference
herein.
Item
5.07. Submission of Matters to a Vote of Security Holders.
Action
by Written Consent
On
April 22, 2025, Driven Lifestyle delivered to the Company the Stockholder Consent in its capacity as the holder of at least two thirds
of the voting power of the Class A Common Stock and Class B Common Stock, voting together as a single class, approving the Charter Amendment
and the Bylaws Amendment (the “Approved Matters”). Because the Stockholder Consent is sufficient to satisfy the stockholder
vote requirement under the Delaware General Corporation Law (the “DGCL”) for the approval of the Approved Matters, no additional
stockholder vote will be needed for their approval. Consequently, the Company will not be soliciting proxies or holding a meeting of
stockholders to consider the Approved Matters.
Pursuant
to Section 228 of the DGCL, Section 2.07 of the Bylaws, and Section 14(c) of the Securities Exchange Act of 1934, as amended, and the
regulations promulgated thereunder, including Regulation 14C, the Information Statement will be filed with the SEC and sent or given
to the stockholders of the Company to provide prompt notice of the taking of a corporate action by written consent of stockholders to
the Company’s stockholders who have not consented in writing to such action.
Annual
Meeting
On
April 23, 2026, the Company held the Annual Meeting which had been adjourned from April 17, 2026 due to lack of quorum, at which the
Company’s stockholders were asked to consider and vote on five proposals, each of which is listed below and described in more detail
in the Proxy Statement. With respect to each proposal, holders of Class A Common Stock were entitled to cast one vote per share held
as of the close of business on February 27, 2026 (the “Record Date”) and holders of Class B Common Stock were entitled to
cast ten votes per share held as of the close of business on the Record Date. On the Record Date there were 5,078,450 shares of Class
A Common Stock and 700,000 shares of Class B Common Stock issued and outstanding and entitled to vote at the 2026 Annual Meeting.
The
following are the final results of voting on each of the proposals presented at the Annual Meeting:
Proposal
No. 1: Election of Class I Directors.
The
Company’s stockholders elected each of John Delta and Guoquan (Paul) Huang.
Nominee
Votes
For
Votes
Withheld
Broker
Non-Votes
John
Delta
9,051,977
35,668
865,619
Guoquan
(Paul) Huang
9,072,843
14,802
865,619
3
Proposal
No. 2: Amendment to the Incentive Plan
The
Company’s stockholders approved the Plan Amendment.
Votes
For
Votes
Against
Abstentions
Broker
Non-Votes
9,022,451
59,200
5,994
865,619
Proposal
No. 3: Ratification of Appointment of Independent Registered Public Accounting Firm
The
Company’s stockholders ratified the selection of Grassi & Co. CPAs, P.C. as the Company’s independent registered public
accounting firm for the year ending December 31, 2026.
Votes
For
Votes
Against
Abstentions
Broker
Non-Votes
9,948,319
2,915
2,030
-
Proposal
No. 4: Issuance of Shares of Common Stock Upon Exercise of Warrants
The
Company’s stockholders approved the exercise of the warrants issued by the Company on July 29, 2024 to purchase up to an aggregate
of 949,310 shares of Class A Common Stock, under applicable rules and regulations of the Nasdaq Stock Market LLC.
Votes
For
Votes
Against
Abstentions
Broker
Non-Votes
9,849,974
53,973
183,698
865,619
Proposal
No. 5: Adjournment of the 2026 Annual Meeting
The
Company’s stockholders approved the adjournment of the Annual Meeting to a later date, if necessary or appropriate, to permit further
solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of
Proposal No. 4.
Votes
For
Votes
Against
Abstentions
Broker
Non-Votes
9,027,835
57,982
1,828
865,619
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit
Number
Exhibit
Description
3.1
Form
of Certificate of Amendment to the Certificate of Incorporation, as amended, of Motorsport Games Inc.
3.2
Form
of Amendment No. 2 to the Bylaws of Motorsport Games Inc.
10.1
Share Repurchase Agreement, dated April 22, 2026, by and between Motorsport Games Inc. and Driven Lifestyle Group LLC
10.2
Amendment to the Amended and Restated Motorsport Games Inc. 2021 Equity Incentive Plan
104
Cover
Page Interactive Data File (embedded within the Inline XBRL document)
4
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:
April 23, 2026
By:
/s/
Stephen Hood
Stephen
Hood
Chief
Executive Officer and President
5
EX-3.1
EX-3.1
Filename: ex3-1.htm · Sequence: 2
Exhibit 3.1
FORM
OF CERTIFICATE OF AMENDMENT
TO
THE CERTIFICATE OF INCORPORATION
Motorsport
Games Inc. (the “Corporation”), a corporation organized and existing under the General Corporation Law of the State
of Delaware, hereby certifies, effective as of 12:01 a.m. Eastern Time on ______________, 2026, as follows:
1.
The
Corporation filed its Certificate of Incorporation with the Secretary of State of the State of Delaware on January 8, 2021 (the “Certificate”).
2.
This
Certificate of Amendment amends the provisions of the Certificate.
3.
Section
A of Article IX of the Certificate is hereby amended and restated as follows:
“A.
The Corporation reserves the right to amend, alter, change or repeal any provision contained in this Certificate, in the manner now or
hereafter prescribed by statute and this Certificate, and all rights conferred upon the stockholders herein are granted subject to this
reservation.”
4.
Section
B of Article IX of the Certificate is hereby amended and restated as follows:
“B.
The Board is expressly empowered to alter, amend or repeal the Bylaws of the Corporation or adopt new Bylaws of the Corporation. Any
alteration, amendment or repeal of the Bylaws of the Corporation by the Board or adoption of new bylaws by the Board shall require the
approval of a majority of the authorized number of directors. The stockholders shall also have power to alter, amend or repeal the Bylaws
of the Corporation or adopt new Bylaws of the Corporation; provided, however, that, in addition to any vote of the holders of any class
or series of stock of the Corporation required by law or by this Certificate, such action by stockholders shall require the affirmative
vote of the holders of greater than fifty percent (50%) of the voting power of all of the then-outstanding shares of the capital stock
of the Corporation entitled to vote generally in the election or directors, voting together as a single class.”
5.
Section
C. of Article VII of the Certificate is deleted in its entirety, and the following is substituted in lieu thereof:
“C.
Any action required or permitted to be taken by the stockholders of the Corporation must be effected at a duly called annual or special
meeting of stockholders of the Corporation and may not be effected by any consent in writing by such stockholders.”
6.
This
Certificate of Amendment was duly adopted in accordance with the provisions of Section 228 and 242 of the General Corporation Law
of the State of Delaware.
7.
All
other provisions of the Certificate shall remain in full force and effect.
1
IN
WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be signed this __th day of ______, 2026.
MOTORSPORT GAMES INC.,
a Delaware corporation
By:
Name:
Title:
2
EX-3.2
EX-3.2
Filename: ex3-2.htm · Sequence: 3
Exhibit
3.2
FORM
OF AMENDMENT NO. 2 TO THE BYLAWS OF
MOTORSPORT GAMES INC.
This
Amendment No. 2 (this “Amendment”) to the Bylaws of Motorsport Games Inc., a Delaware corporation (the “Corporation”),
as adopted pursuant to Section 6.07 of said by-laws, is effective as of the [●] day of ______, 2026.
Article
2.07 of the Bylaws is hereby deleted in its entirety, and the following is substituted in lieu thereof:
“Section
2.07. Action by Consent. Any action required or permitted to be taken by the stockholders of the Corporation must be effected
at a duly called annual or special meeting of stockholders of the Corporation and may not be effected by any consent in writing by such
stockholders.”
Article
6.07 of the Bylaws is hereby deleted in its entirety, and the following is substituted in lieu thereof:
“Section
6.07. Amendments. The Board of Directors is expressly empowered to alter, amend or repeal these bylaws or adopt new bylaws. Any
alteration, amendment or repeal of these bylaws by the Board of Directors or adoption of new bylaws by the Board of Directors shall require
the approval of a majority of the authorized number of directors. The stockholders shall also have power to alter, amend or repeal these
bylaws or adopt new bylaws; provided, however, that, in addition to any vote of the holders of any class or series of stock of the Corporation
required by law or by the certificate of incorporation, such action by stockholders shall require the affirmative vote of the holders
of greater than fifty percent (50%) of the voting power of all of the then-outstanding shares of the capital stock of the Corporation
entitled to vote generally in the election or directors, voting together as a single class.”
1
EX-10.1
EX-10.1
Filename: ex10-1.htm · Sequence: 4
Exhibit 10.1
Execution Copy
SHARE
REPURCHASE AGREEMENT
This
Share Repurchase Agreement (this “Agreement”) is dated as of April 22, 2026, between Driven Lifestyle Group LLC, a
Florida limited liability company (the “Seller”), and Motorsport Games Inc., a Delaware corporation (the “Company”).
WHEREAS,
the Seller owns (i) 1,158,848 shares of the Company’s Class A Common Stock, par value $0.0001 per share (the “Class A
Common Stock”), and (ii) 700,000 shares (the “Class B Shares”) of the Company’s Class B Common Stock,
par value $0.0001 per share (the “Class B Common Stock), and the Company desires to purchase from the Seller, and Seller
desires to sell to the Company, 904,395 shares of the Class A Common Stock (the “Class A Shares”; and together with
all of the Class B Shares, the “Shares”) upon the terms and conditions hereinafter set forth herein (the “Share
Repurchase”);
WHEREAS,
the Seller was issued all 700,000 Class B Shares at the time of the effectiveness of the Company’s initial registration statement
filed in connection with the Company’s IPO when the Seller acquired 700,000 of the Class A Shares;
WHEREAS,
Article V, Section 8 of the Company’s Certificate of Incorporation, as amended, provides as follows:
“8.
Relinquishment of Shares of Class B Common Stock. The sole holder of Class B Common Stock will initially have the right to acquire
the same number of shares of Class B Common Stock as the number of shares of Class A Common Stock acquired by such holder at the time
immediately prior to the effectiveness (the “Effective Time”) of the registration statement of the Corporation
filed in connection with the IPO (the “Initial Class A Shares”). The number of the authorized shares of Class
B Common Stock shall equal the number of shares of Class B Common Stock issued to such holder at the Effective Time. In the
event such holder of Class B Common Stock relinquishes beneficial ownership of any of such holder’s Initial Class A Shares at any
time, one share of Class B Common Stock held by such holder will be cancelled for each such share of Initial Class A Shares no longer
beneficially owned by such holder or its affiliates. Any pledge of any shares of any shares of the Initial Class A Shares
by such holder or its affiliates will not constitute a relinquishment of such beneficial ownership of the Initial Class A Shares. Such
holder of shares of Class B Common Stock shall not have transfer, conversion, registration or economic rights with respect to such shares
of Class B Common Stock (emphasis added)”; and
WHEREAS,
in light of the fact that 700,000 of the Class A Shares being transferred pursuant to this Agreement constitute “Initial Class
A Shares” within the meaning of Article V, Section 8 of the Company’s Certificate of Incorporation, upon the Seller’s
transfer of such Class A Shares to the Company hereunder, all of the Class B Shares will be relinquished and cancelled.
NOW,
THEREFORE, IN CONSIDERATION of the premises, the mutual covenants contained in this Agreement, and for other good and valuable consideration
the receipt and adequacy of which are hereby acknowledged, the Company and the Seller agree as follows:
ARTICLE I.
DEFINITIONS
1.1
Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms
have the meanings set forth in this Section 1.1:
“Action”
means an action, suit, inquiry, notice of violation, proceeding or investigation before or by any court, arbitrator, governmental or
administrative agency or regulatory authority.
“Board
of Directors” means the Company’s board of directors.
“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in Miami, Florida are authorized or required
by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be
authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential
employee” or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental
authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in Miami, Florida are generally
open for use by customers on such day.
“Bylaws”
means the Company’s Bylaws, as amended.
“Certificate
of Incorporation” means the Company’s Certificate of Incorporation, as amended.
“Closing”
means the closing of the purchase and sale of the Shares pursuant to Section 2.1.
“Closing
Date” means the Business Day on which all of the Transaction Documents have been executed and delivered by the applicable parties
thereto, and all conditions precedent to (i) the Company’s obligation to pay the Purchase Price and (ii) the Seller’s obligation
to deliver the Class A Shares, in each case, have been satisfied or waived; it being the intent of the parties to close as soon as possible
following the mailing of the Information Statement to the Company’s stockholders.
“Company
Counsel” means Blank Rome LLP, with offices located at 1271 Avenue of the Americas, New York, NY 10020.
“Information
Statement” shall have the meaning set forth in Section 4.1 below.
“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.
“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether commenced or threatened.
2
“Purchase
Price” means the aggregate amount to be paid for Class A Shares purchased hereunder.
“SEC”
means the U.S. Securities and Exchange Commission.
“Transaction
Documents” means this Agreement and any other documents or agreements executed in connection with the transactions contemplated
hereunder.
“Transfer
Agent” means ClearTrust, LLC located at 16540 Pointe Village Drive, Suite 210, Lutz, Florida 33558, and any successor transfer
agent of the Company.
ARTICLE
II.
PURCHASE
AND SALE
2.1
Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Seller agrees to sell, and the
Company agrees to purchase from the Seller, the 904,395 Class A Shares owned by it at a purchase price per share equal to $4.11 (based
on the five day average closing price of the Class A Common Stock). On the Closing Date, the Company shall deliver to the Seller, via
wire transfer, immediately available funds equal to the Purchase Price, without deduction or setoff of any kind or amount. The Seller
shall deliver the Shares to the Company by delivering executed stock powers, given that the Shares are uncertificated, and the Company
and the Seller shall deliver the other items set forth in Section 2.2 deliverable at the Closing. The parties acknowledge that upon payment
of the Purchase Price, all Class B Shares shall be relinquished and cancelled. Upon satisfaction of the covenants and conditions set
forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of Company Counsel or such other location (including remotely by
electronic transmission).
2.2
Deliveries.
(a)
On or prior to the Closing Date, the Seller shall deliver or cause to be delivered to the Company the following:
(i)
this Agreement duly executed by the Seller;
(ii)
Seller’s wire instructions;
(iii)
a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to return and deliver the Shares to the Company,
which evidence shall be reasonably satisfactory to the Company and executed stock powers transferring the Shares to the Company; and
(iv)
a certificate, dated and duly executed as of the Closing Date on behalf of the Seller by a duly authorized officer of the Seller that
each of the conditions set forth in Section 2.2(a) and Section 2.2(b) have been satisfied.
3
(b)
In addition, as soon as practicable following the date hereof, the Seller shall deliver or cause to be delivered to the Company the following,
each of which will take effect no earlier than the consummation of the transactions contemplated by this Agreement:
(i)
Seller’s irrevocable written consent in its capacity as the holder of at least two thirds of the voting power of the Class A Common
Stock and Class B Common Stock, voting together as a single class, to amend Section A of Article IX of the Certificate of Incorporation
to provide that the Company reserves the right to amend, alter, change or repeal any provision contained in the Certificate of Incorporation
in the manner now or hereafter prescribed in the Certificate of Incorporation, and by the laws of the State of Delaware, and all rights
conferred upon stockholders in the Certificate of Incorporation, as so amended, are granted subject to this reservation, which consent
shall be reasonably satisfactory to the Company;
(ii)
Seller’s irrevocable written consent in its capacity as the holder of at least two thirds of the voting power of the Class A Common
Stock and Class B Common Stock, voting together as a single class, to amend Section B of Article IX of the Certificate of Incorporation
to provide that the Bylaws may be altered, amended or repealed, or new bylaws adopted, by the Board of Directors or a simple majority
of all of the then outstanding shares of the capital stock of the Company entitled to vote generally in the election of directors, which
consent shall be reasonably satisfactory to the Company;
(iii)
Seller’s irrevocable written consent in its capacity as the holder of at least two thirds of the voting power of the Class A Common
Stock and Class B Common Stock, voting together as a single class, to amend Section C of Article VII of the Certificate of Incorporation
to provide that any action required or permitted to be taken by the stockholders of the Company must be effected at a duly called annual
or special meeting of stockholders of the Company and may not be effected by any consent in writing by such stockholders, which consent
shall be reasonably satisfactory to the Company;
(iv)
Seller’s irrevocable written consent, in its capacity as the holder of at least two thirds of the voting power of the Class A Common
Stock and Class B Common Stock, voting together as a single class, to amend Section 6.07 of the Bylaws to provide that the Bylaws may
be altered, amended or repealed, or new bylaws adopted, by the Board of Directors or a simple majority of all of the then outstanding
shares of the Company’s capital stock entitled to vote generally in the election of directors, which consent shall be reasonably
satisfactory to the Company;
(v)
Seller’s irrevocable written consent in its capacity as the holder of at least two thirds of the voting power of the Class A Common
Stock and Class B Common Stock, voting together as a single class, to amend Section 2.07 of the Bylaws to provide that any action required
or permitted to be taken by the Company’s stockholders must be effected at a duly called annual or special meeting of stockholders
of the Company and may not be effected by any consent in writing by such stockholders; and
4
(vi)
Seller’s executed proxy card for the Company’s 2026 Annual Meeting of Stockholders as voted in favor of Proposal No. 4 to
approve the exercise of the warrants issued by the Company on July 29, 2024 to purchase up to an aggregate of 949,310 shares of Class
A Common Stock under applicable rules and regulations of the Nasdaq Stock Market LLC and in favor of Proposal 2 to approve the increase
in the Amended and Restated Motorsport Games Inc. 2021 Equity Incentive Plan to increase the number of shares of the Company’s
Class A common stock available for awards under the Incentive Plan by 500,000 shares.
(c)
On or prior to the Closing Date, the Company shall deliver or cause to be delivered to the Seller the following:
(i)
this Agreement duly executed by the Company;
(ii)
the Purchase Price by wire transfer to the account specified in writing by the Seller; and
(iii)
a certificate, dated and duly executed as of the Closing Date on behalf of the Company by a duly authorized officer of the Company that
each of the conditions set forth in Section 2.2(c) have been satisfied.
2.3
Closing Conditions.
(a)
The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:
(i)
the accuracy in all material respects when made and on the Closing Date of the Seller’s representations and warranties contained
herein;
(ii)
all obligations, covenants and agreements of the Seller required to be performed at or prior to the Closing Date shall have been performed;
(iii)
the delivery by the Seller of the items set forth in Section 2.2(a) of this Agreement; and
(iv)
the delivery by the Seller of the items set forth in Section 2.2(b) of this Agreement prior to the Closing.
(b)
The obligations of the Seller hereunder in connection with the Closing are subject to the following conditions being met:
(i)
the accuracy in all material respects when made and on the Closing Date of the Company’s representations and warranties contained
herein;
(ii)
all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;
and
(iii)
the delivery by the Company of the items set forth in Section 2.2(c) of this Agreement.
5
ARTICLE
III.
REPRESENTATIONS
AND WARRANTIES
3.1
Representations and Warranties of the Company. The Company hereby represents and warrants as of the date hereof and as of the
Closing Date to the Seller as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):
(a)
Organization; Good Standing. The Company is duly organized, validly existing and in good standing under the laws of the State
of Delaware.
(b)
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of
the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no
further action is required by the Company, the Board of Directors, a committee of the Board of Directors, or the Company’s stockholders
in connection herewith or therewith. This Agreement and each other Transaction Document to which it is a party has been (or upon delivery
will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the
valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general
equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting
enforcement of creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies.
(c)
No Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to
which it is a party, and the consummation by it of the transactions contemplated hereby and thereby, do not and will not (i) conflict
with or violate any provision of the Company’s or any subsidiary’s certificate or articles of incorporation, bylaws, or other
organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or
both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any subsidiary,
or give to others any rights of termination, amendment, anti-dilution or similar adjustments acceleration or cancellation (with or without
notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or subsidiary debt
or otherwise) or other understanding to which the Company or any subsidiary is a party or by which any property or asset of the Company
or any subsidiary is bound or affected, or (iii) conflict with or result in a violation of any law, rule, regulation, order, judgment,
injunction, decree or other restriction of any court or governmental authority to which the Company or a subsidiary is subject (including
federal and state corporate and securities laws and regulations, such as the Delaware General Corporation Law), or by which any property
or asset of the Company or a subsidiary is bound or affected.
6
(d)
Litigation. There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of
the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court,
arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) that would reasonably
be expected to prohibit or restrain the ability of the Company to enter into this Agreement or consummate the transactions contemplated
hereby.
3.2
Representations and Warranties of the Seller. The Seller hereby represents and warrants as of the date hereof and as of the Closing
Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):
(a)
Organization; Good Standing. The Seller is duly organized, validly existing and in good standing under the laws of the State of
Florida.
(b)
Authorization; Enforcement. The Seller has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of this Agreement and each of the other Transaction Documents by the Seller and the consummation by it of
the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Seller and no further
action is required by the Seller, Seller’s manager’s or Seller’s members in connection herewith or therewith. This
Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the
Seller and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Seller
enforceable against the Seller in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally,
and (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies.
(c)
No Conflicts. The execution, delivery and performance by the Seller of this Agreement and the other Transaction Documents to which
it is a party, and the consummation by it of the transactions contemplated hereby and thereby do not and will not (i) conflict with or
violate any provision of the Seller’s operating agreement, or other organizational or charter documents, or (ii) conflict with,
or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation
of any Lien upon the Shares, or (iii) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction,
decree or other restriction of any court or governmental authority to which the Seller is subject (including federal and state securities
laws and regulations), or by which any property or asset of the Seller or a subsidiary is bound or affected.
7
(d)
Litigation. There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of
the Seller, threatened against or affecting the Seller, or any of its properties before or by any court, arbitrator, governmental or
administrative agency or regulatory authority (federal, state, county, local or foreign) that would reasonably be expected to prohibit
or restrain the ability of the Seller to enter into this Agreement or consummate the transactions contemplated hereby.
(e)
No Liens. Seller owns the Shares and will transfer to the Company good title to the Shares, free and clear of any Liens.
ARTICLE
IV.
OTHER AGREEMENTS OF THE PARTIES
4.1
Information Statement. The Company shall file an Information Statement on Form 14-C (“Information Statement”)
with the SEC following receipt of the irrevocable written consents provided by Seller pursuant to Sections 2.2(b) (ii)-(v) above (the
“Consents”).
4.2
Cancellation of Class B Shares. Upon consummation of the Share Repurchase, the Company shall instruct the Transfer Agent to cancel
and retire the Class B Shares.
4.3
Corporate Actions. The Company covenants and agrees not to take or effect any of the corporate actions approved by the Consents
prior to the later of: (i) the next Business Day following the Closing Date or (ii) after all requisite waiting periods for taking such
corporate actions under SEC rules and regulations have passed. The Seller covenants and agrees not to take any action to withdraw, modify
or supersede the Consents, provided the Closing of the transactions contemplated hereby occurs no later than the Second Business Day
following the date the Company clears all comments on the Information Statement with the SEC.
ARTICLE
V.
MISCELLANEOUS
5.1
Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and
expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the
negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees (including,
without limitation, any fees required for same-day processing of any instruction letter delivered by the Company and any exercise notice
delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Shares to the Company.
5.2
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written,
with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.
8
5.3
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in
writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is
delivered via email attachment at the email address as set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New
York City time) on a Business Day; (b) the next Business Day after the time of transmission, if such notice or communication is delivered
via email attachment at the email address as set forth on the signature pages attached hereto on a day that is not a Business Day or
later than 5:30 p.m. (New York City time) on any Business Day; (c) the second (2nd) Business Day following the date of mailing, if sent
by U.S. nationally recognized overnight courier service; or (d) upon actual receipt by the party to whom such notice is required to be
given; provided, however, that any notice sent by means of clause (c) or (d) above must also be sent by email
in accordance with any of clause (a) through (c) above. The address for such notices and communications shall be as set forth on the
signature pages attached hereto.
5.4
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument
signed, in the case of an amendment, by the Company and Seller or, in the case of a waiver, by the party against whom enforcement of
any such waived provision is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement
shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition
or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise
of any such right.
5.5
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to
limit or affect any of the provisions hereof.
5.6
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and
permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent
of the Seller (other than by merger).
5.7
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents
shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and
defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto
or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively
in the state and federal courts sitting in the State of Delaware. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the State of Delaware for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction
Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding
by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address
in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process
and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted
by law. If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition
to the obligations of the Company under Section 4.8, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing
party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution
of such Action or Proceeding.
9
5.9
Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Shares for the
applicable statute of limitations.
5.10
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party,
it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by e-mail delivery
(including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic
Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method, such signature shall be deemed
to have been duly and validly delivered and shall create a valid and binding obligation of the party executing (or on whose behalf such
signature is executed) with the same force and effect as if such “.pdf” signature page were an original thereof.
5.11
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to
be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall
remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would
have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared
invalid, illegal, void or unenforceable.
5.12
Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages,
each of the Seller and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary
damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents
and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at
law would be adequate.
5.13
Further Assurances. Each party to this Agreement shall execute and cause to be delivered to each other party to this Agreement
such instruments and other documents, and shall take such other actions, as such other parties may reasonably request (prior to, at or
after the Closing) for the purpose of carrying out or evidencing any of the transactions contemplated by this Agreement.
5.14
Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise
the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against
the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto.
5.15
Termination of Rule 10b5-1 Plan and Waiver of Restricted Period. The Company hereby: (i) acknowledges the Seller’s termination
of its existing Rule 10b5-1 Plan, to facilitate the consummation of the transactions contemplated hereby; (ii) waives any and all restrictions
on trading under its Code of Ethics or other policies, having found that Seller is entering into this Agreement to sell the Shares not
on the basis of any material non-public information and that the transactions contemplated hereby are consistent in all material respects
with the Seller’s objectives in entering into its Rule 10b5-1 Plan; and (iii) pre-clears Seller’s sale of the Shares to the
Company as contemplated hereby.
[Signature
Page Follows]
10
IN
WITNESS WHEREOF, the parties hereto have caused this Share Repurchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.
SELLER:
DRIVEN LIFESTYLE
GROUP LLC
Address
for Notices:
5972
NE 4th Avenue
Miami, FL 33137
By:
/s/
Mike Zoi
Name:
Mike
Zoi
E-Mail:
Title:
Manager
COMPANY:
MOTORSPORT GAMES
INC.
Address
for Notices:
3350
SW 148th Avenue, Suite 207
Miramar,
FL 33027
By:
/s/ Stephen Hood
Name:
Stephen
Hood
E-Mail:
Title:
Chief Executive Officer
with a copy to (which shall not constitute
notice):
Attn:
Leslie Marlow, Esq.
Blank
Rome LLP
1271
Avenue of the Americas
New
York, NY 10020
E-Mail:
EX-10.2
EX-10.2
Filename: ex10-2.htm · Sequence: 5
Exhibit 10.2
AMENDMENT
TO THE Amended and Restated
Motorsport Games INC. 2021 Equity Incentive Plan
Whereas,
the Board of Directors (the “Board”) of Motorsport Games Inc. (the “Company”) heretofore established
the Motorsport Games Inc. 2021 Equity Incentive Plan (the “Plan”); and
Whereas,
the Board desires to amend the Plan to increase the maximum number of shares of the Company’s Class A common stock, par value $0.0001
per share (the “Common Stock”) available for grants of Awards thereunder by an additional 500,000 shares of
Common Stock to 600,000 shares of Common Stock; and
Whereas,
pursuant to Section 13.1 of the Plan, the Board has the right to amend the Plan with respect to certain matters; and
Whereas,
the Board has approved and authorized this amendment to the Plan (this “Amendment”) and has recommended that the stockholders
of the Company approve this Amendment; and
Whereas,
the stockholders of the Company have approved this Amendment at a duly called meeting; now, therefore, be it
Resolved,
that the Plan is hereby amended, subject to and effective as of the date of stockholder approval hereof, such that Section 5.1 of the
Plan is hereby amended by increasing the share references in such section by an additional 500,000 shares of Common Stock to 600,000
shares of Common Stock, so that the first sentence of Section 5.1 reads in its entirety as follows:
Subject
to adjustment as provided in Section 10, the aggregate number of shares of Stock reserved and available for grant pursuant to the Plan
shall be 600,000 shares.
Except
as specifically set forth herein, the terms of the Plan shall be and remain unchanged, and the Plan as amended shall remain in full force
and effect.
[Signature
page follows.]
In
witness whereof, the Company has caused this Amendment
to be signed this 23rd day of April, 2026.
MOTORSPORT
GAMES INC.
By:
/s/
Stephen Hood
Name:
Stephen
Hood
Title:
Chief
Executive Officer
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
+ Details
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Namespace Prefix:
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Period Type:
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X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
+ Details
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Namespace Prefix:
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Data Type:
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Balance Type:
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Period Type:
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X
- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
+ Details
Name:
dei_Security12bTitle
Namespace Prefix:
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Data Type:
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Balance Type:
na
Period Type:
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X
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
+ Details
Name:
dei_SecurityExchangeName
Namespace Prefix:
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Data Type:
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Balance Type:
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Period Type:
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X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
+ Details
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Data Type:
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Balance Type:
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Period Type:
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X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
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Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
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X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
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