Golden Matrix Group Inc. (NASDAQ: GMGI) has achieved a significant financial milestone by fully repaying its Senior Secured Promissory Note to Lind Global Asset Management VIII LLC. The repayment, amounting to $7.2 million, was executed using the company's existing cash reserves, a move that underscores its financial health and strategic planning. Importantly, this repayment was accomplished without the issuance of additional shares, thereby safeguarding current shareholders from potential dilution.
Brian Goodman, CEO of Golden Matrix Group, highlighted the importance of this achievement, noting that it reflects the company's dedication to enhancing long-term shareholder value. This financial maneuver is complemented by a recent debt-to-equity conversion of about $9.5 million by Meridian founders, further bolstering the company's financial standing by improving its net debt ratio.
This strategic debt repayment is a key component of Golden Matrix Group's comprehensive growth strategy. Operating in the competitive sectors of business-to-business and business-to-consumer gaming technology, the company has been actively expanding its footprint in international markets. The elimination of this debt enhances the company's financial flexibility, enabling it to pursue key business initiatives more aggressively.
The details of this transaction have been made publicly available through a Current Report on Form 8-K filed with the Securities and Exchange Commission, demonstrating the company's commitment to transparency. By utilizing its strong cash position to settle its obligations, Golden Matrix Group has not only managed its financial liabilities effectively but has also positioned itself for sustained growth.
Further evidence of the company's strategic expansion is its recent acquisition of Meridianbet Group, a prominent online sports betting and gaming entity licensed in 17 jurisdictions. With operations spanning Europe, Africa, and South America, Golden Matrix Group is steadily building a diversified and scalable portfolio in the gaming technology industry. For more information on Golden Matrix Group's operations and strategic initiatives, visit https://www.goldenmatrix.com.
