Publicly-traded mobile collegiate esports tournaments company Mobile Global Esports (NASDAQ:MGAM) announced Friday that it has signed a strategic alliance with South American esports organization INFINITY.
Financial terms and duration of this new strategic alliance were not disclosed.
MOGO said in a release that it hopes this new alliance will strengthen its presence in Latin America and Brazil and generate new partnership opportunities in these (and other) new markets.
In addition, MOGO will help the organization in organizing gaming events, notably INFINITY Play events, and contribute “to the expansion of Infinity Gaming Centers throughout Latin America,” according to a release.
INFINITY is home to more than 50 professional players and operates gaming houses in Mexico City and Lima, Peru, along with a gaming & training center in Costa Rica (where it is headquartered. The organization (which features both male and female players) currently competes in FIFA, PUBG, Counter-Strike: Global Offensive, Gran Turismo, Dota 2, Valorant, Free Fire & Free Fire FEM, and Wild Rift.
In April, MOGO received a notification letter due to not being in compliance with Nasdaq listing requirements less than a year after its July 2022 $6.9M USD initial public offering (IPO). Since Feb. 24, the company has been trading under $1; on that date, it slid to $0.84 a share and has continued to decline. As of this writing, MOGO is trading at $0.52 a share.