Gaming technology company Golden Matrix Group (NASDAQ: GMGI) has eliminated $7.2 million in debt by prepaying a Senior Secured Promissory Note to Lind Global Asset Management VIII LLC. The company funded the repayment entirely from its cash reserves, avoiding share issuance and preventing shareholder dilution.
The debt retirement represents a strategic financial move that enhances the company's fiscal flexibility and supports its global expansion objectives. By removing this financial obligation, Golden Matrix Group demonstrates its commitment to maintaining a strong balance sheet and creating long-term shareholder value.
CEO Brian Goodman emphasized the significance of the transaction, noting that it reflects the company's robust underlying performance and positive growth trajectory. The debt repayment follows another recent financial restructuring, where Meridian founders converted $9,570,460 of acquisition-related debt into equity, further improving the company's Net Debt Ratio.
This financial maneuver positions Golden Matrix Group to pursue key strategic initiatives in its B2B and B2C gaming technology sectors. The company operates globally across multiple international markets, with divisions developing gaming platforms and providing online competition services.
The debt elimination signals financial maturity and could potentially attract investor confidence by showcasing the company's ability to manage financial obligations effectively while maintaining growth momentum in the competitive gaming technology landscape.
