Golden Matrix Group Converts $2 Million Debt to Equity, Strengthening Financial Position

Golden Matrix Group Inc. (NASDAQ: GMGI) has announced a significant financial maneuver involving the conversion of $2 million of debt owed to Meridianbet founder Aleksandar Milovanović into equity. This move reduces the total debt held by Milovanović from $2,805,671 to $805,671 and underscores his confidence in the company’s future growth.

Brian Goodman, CEO of Golden Matrix Group, emphasized that this strategic decision demonstrates both Milovanović’s and the company’s belief in GMGI’s short- and long-term prospects. Goodman stated, "This action not only reduces our outstanding debt, but reinforces our belief in the Company's potential for sustained growth. We are excited about our path forward and performance to date, and the management team extends our gratitude to Mr. Milovanović for his continued support and confidence in the Company’s vision."

The conversion of debt to equity significantly improves Golden Matrix Group’s Net Debt Leverage, enhancing financial flexibility as the company continues to focus on various strategic initiatives and expansion efforts. This move aligns the interests of key stakeholders with GMGI’s long-term growth and success, ensuring that the company remains on a robust growth trajectory.

Golden Matrix Group, based in Las Vegas, NV, is a leading B2B and B2C gaming technology company that operates globally across multiple international markets. The company’s B2B division develops and licenses branded gaming platforms, while its B2C division, RKings, operates a high-volume eCommerce site for paid-for competitions in authorized markets.

Meridianbet Group, acquired by Golden Matrix in April 2024, is an established online sports betting and gaming group operating in 17 jurisdictions across Europe, Africa, and South America. With proprietary technology and scalable systems, Meridianbet employs an omni-channel approach, including retail, desktop online, and mobile.

This debt-to-equity conversion is expected to further bolster Golden Matrix Group's ability to drive sustainable growth and create value for its stakeholders. The move is a strategic step towards ensuring financial stability and fostering continued success in the highly competitive gaming technology market.