Motorsport Games shares soar 80% in trading debut

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Motorsport Games Inc. shares soared 80% in their trading debut Wednesday, after the company’s initial public offering priced at $20, the high end of its upwardly revised range. The Miami-based racing game developer sold 3 million shares to raise $60 million. Underwriters Canaccord Genuity and The Benchmark Co. have the option to acquire an additional 450,000 shares. For the nine months ended Sept. 30, the company recorded net income of $875,419 on revenue of $16.11 million, after a loss of $2.95 million on revenue of $9.57 million in the same period a year ago. The Renaissance IPO ETF has gained 114% in the last 12 months, while the S&P 500 has gained 16%.
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