Golden Matrix (NASDAQ: GMGI), a developer, licensor and global operator of online gaming and eCommerce platforms, systems and gaming content, has entered into an amended and restated purchase agreement with MeridianBet Group. One of southeast Europe’s leading business-to-consumer (“B2C”) sports betting and gaming groups, MeridianBet Group operates in multiple markets across Europe, Africa and Latin America. The updated agreement extends the required closing date and includes modified and additional terms of the previously announced definitive agreement, which outlined plans for GMGI to acquire the MeridianBet Group and its related companies. Changes include a reduction in cash required to be paid by GMGI at the closing of the transaction; Golden Matrix stated that it is working to obtain the required financing and plans to file the required proxy statement to seek shareholder approval for the acquisition, among other items, in Q3 2023.
“In consideration of the reduced cash amount required to be paid at the closing of the transaction, the revised cash and stock transaction now has a value of approximately $331 million, with the stock consideration priced at $3 per share, currently an approximate 38% premium to GMGI’s 30-day VWAP closing price (with 82,141,857 shares of common stock due at the initial closing),” said Golden Matrix CEO Anthony Brian Goodman in the press release. “MeridianBet has increased its year-to-date revenues considerably against last year’s revenues, and the proforma performance of the combined company following the acquisition is now projected to be approximately $31 million in Adjusted EBITDA for the October 31, 2023, year, and approximately $139 million in revenues, based on MeridianBet’s year to date financial statements and financial projections. MeridianBet’s impressive performance thus far in 2023 gives us even greater confidence in the value of this acquisition, which is expected to bring significant benefits to GMGI from both a financial and operational standpoint, and our management team is confident it will drive long-term value for all our stakeholders.”
To view the full press release, visit https://ibn.fm/uxfz3
About Golden Matrix Group Inc.
Golden Matrix Group, based in Las Vegas, Nevada, is an established business-to-business (“B2B”) and B2C gaming technology company operating across multiple international markets. The B2B division of Golden Matrix develops and licenses proprietary gaming platforms for its extensive list of clients. RKings, GMGI’s B2C division, operates a high-volume ecommerce site enabling end users to enter paid-for competitions on its proprietary platform in authorized markets. The company also owns and operates MEXPLAY, a regulated online casino in Mexico. The company’s sophisticated software automatically declines any gaming or redemption requests from within the United States, in strict compliance with current U.S. law. For more information about the company, visit www.GoldenMatrix.com.
NOTE TO INVESTORS: The latest news and updates relating to GMGI are available in the company’s newsroom at https://ibn.fm/GMGI
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