Golden Matrix Group, Inc. (NASDAQ:GMGI) announced its board of directors has approved a 1-for-12 reverse stock split of its common stock and a corporate name change to Meridian Holdings Inc. The actions are designed to raise the nominal share price to ensure compliance with Nasdaq listing requirements and improve the company's capital markets positioning. Chief Financial Officer Rich Christensen stated the reverse split represents a strategic optimization aligning the company with public company best practices and gaming industry standards.
Christensen explained that by consolidating shares, the company is bringing its capital structure in line with companies of its scale and revenue profile. The company expects the reverse split will satisfy Nasdaq's minimum bid requirements under Nasdaq Listing Rule 5550(a)(2), allowing management to focus on growth strategy execution. The reverse stock split, name change and ticker symbol change to MRDN are expected to become effective at 12:01 AM ET on March 3, 2026. Shares will begin trading on a post-split, post-name change basis on the Nasdaq Capital Market when markets open that day.
The corporate action will reduce outstanding common shares from approximately 151.7 million to 12.6 million and authorized shares from 300 million to 25 million. The reverse split was approved by the board under Nevada Revised Statutes without requiring stockholder approval. The company will file a Certificate of Change Pursuant to NRS 78.209 and a Certificate of Amendment to implement the changes. Proportionate adjustments will be made to outstanding equity awards, warrants, and incentive plans.
No fractional shares will be issued, with stockholders receiving cash payments instead based on the closing price before the effective time. The reverse split affects all stockholders uniformly without altering percentage ownership interests, except for fractional share cash settlements. VStock Transfer LLC serves as transfer agent for the reverse split. Most stockholders holding shares through brokerage accounts will see automatic adjustments without required action.
Additional details will be available in the company's Form 8-K filing with the Securities and Exchange Commission on March 3, 2026, accessible through the SEC's website and the company's investor relations page at https://goldenmatrix.com/investor. The new CUSIP number will be 381098409. This corporate restructuring represents a significant step for the company as it seeks to maintain its Nasdaq listing and position itself more favorably within capital markets.
