Motorsport Games is another gaming company that has decided to carry out mass layoffs. She plans to cut 40% of the staff by the end of the year. This is 38 people.
The layoffs will take place as part of a restructuring through which Motorsport Games hopes to reduce operating costs. Mainly employees from the UK and Australia will fall under the reduction.
The company expects that the costs associated with layoffs (severance payments, etc.) will amount to approximately $ 400-500 thousand.
Recall that Motorsport Games specializes in racing games. Her portfolio includes titles such as NASCAR 21: Ignition, rFactor 2 and KartKraft.
Last June, the NASDAQ exchange warned the company about a possible delisting — Motorsport Games shares could be excluded from trading due to the fact that the price for them fell below the $1 mark per piece. The situation soon improved, but a few months later the company began to face delisting again after the entire board of directors left it. At the time of writing the news, Motorsport Games shares are trading at a price of $3.08 apiece, and the company's market value is $10.54 million.