Golden Matrix Group Converts $9.5 Million Debt to Equity, Strengthens Financial Position

Golden Matrix Group Inc. (NASDAQ: GMGI) has eliminated $9.57 million in acquisition-related debt through a strategic equity conversion involving Meridianbet's founders Aleksandar Milovanovic, Zoran Milosevic, and Snezana Bozovic.

The converted debt was originally part of the 'Non-Contingent Post-Closing Cash Consideration' from the Meridianbet acquisition. Following the conversion, the remaining balance of the 12-month contingency has been reduced to $250,000.

CEO Brian Goodman emphasized the significance of this move, stating that the debt-to-equity conversion signals strong market confidence and underscores the company's positive growth trajectory. The transaction not only improves GMGI's financial leverage but also demonstrates the Meridianbet founders' commitment to the company's long-term vision.

Meridianbet CEO Zoran Milosevic reinforced this sentiment, highlighting that the conversion reflects their belief in GMGI's operational strength and strategic direction. The equity conversion is expected to provide enhanced financial flexibility as the company continues its global expansion strategy.

This financial maneuver represents a significant milestone for Golden Matrix Group, potentially positioning the company for more robust growth and strategic investments in the competitive gaming technology market.