Motorsport Games Inc. (NASDAQ: MSGM) announced the repurchase of 904,395 shares of Class A Common Stock from Driven Lifestyle Group LLC at $4.11 per share, according to a company statement. The price represents the average of the five-day closing price on the date of execution.

The transaction includes corporate governance changes, with all Class B shares that carried 10x voting advantage being retired. All remaining shares now hold equal voting power. Shareholders approved an increase in awards available under the employee equity plan.

Chief Executive Officer Stephen Hood stated the repurchase reflects the company's strengthened financial position and recent turn to profitability. Hood said Driven Lifestyle elected to retain a minority shareholding in the company.

The racing game developer and publisher holds official licenses for motorsport series including the 24 Hours of Le Mans and FIA World Endurance Championship. The company recently released Le Mans Ultimate Version 1.3 and owns the rFactor 2 and KartKraft simulation platforms.

Hood cited continued engagement with Le Mans Ultimate and growth in RaceControl, which provides recurring subscription revenue. The company plans to expand its portfolio with new products for racing fans.

Motorsport Games develops racing games and operates esports competitions. The company partners with motorsport organizations and recently launched the Le Mans Virtual Series esports event.