(Alliance News) - Shares in e-sports firm Gfinity PLC more than doubled in value Monday as it secured the new Formula 1 virtual series.
The stock was trading at 1.00 pence per share on Monday shortly after midday in London, having closed at 0.49p on Friday.
Given many Formula 1 races have been cancelled or postponed due to Covid-19, the sport has set up an e-sports calendar to allow fans to follow Formula 1 virtually.
Each virtual Grand Prix will be played every weekend in place of the real race. The first race was last Sunday, with both Formula 1 drivers and celebrities taking part. The virtual races are expected to continue until at least May.
The series will be using the official Formula 1 2019 video game, which was developed by Codemasters Group Holdings PLC. Each race is broadcast from Gfinity's e-sports arena in London.
Gfinity Chief Executive John Clarke said: "We are excited to be involved in the delivery of the F1 e-sports Virtual Grand Prix series. At Gfinity we are committed to delivering esports solutions for our partners and we are proud to be part of the series that will bring exciting entertainment-based virtual racing to a legion of Formula 1 and gaming fans around the globe."
Codemasters shares were down 5.0% at 210.00p.
By George Collard; georgecollard@alliancenews.com
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Gfinity (GFIN)