Shares of Motorsport Games Inc. MSGM blasted 662.7% higher toward a 10-month high on heavy volume in afternoon trading, after the Florida-based racing game developer and esports ecosystem provider said it regained full compliance with Nasdaq listing requirement. Trading volume rocketed to 45.6 million shares, compared with the full-day average over the past 30 days of about 152,600 shares. The company said before the opening bell that it satisfied the Nasdaq listing requirement that the majority of a company’s board of directors be comprised of independent directors, after it added Nav Sunner, Andrew Jacobson and John Delta to its board as independent directors. The company also satisfied the listing requirement that a company have at least 500,000 publicly held shares, as a result of new share issuances to Alumni Capital LP. The number of shares outstanding had been significantly reduced when it effected a 1-for-10 reverse stock split on Nov. 10, which helped boost the stock price enough for the company to regain compliance on Nov. 29 with the Nasdaq’s minimum bid requirement for stocks of $1. Motorsport’s stock has now run up 198.3% over the past three months, but was still down 46.2% over the past 12 months, while the S&P 500 SPX has lost 10.2% the past year.
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