Golden Matrix Completes 1-for-150 Reverse Stock Split
Las Vegas, NV - (NewMediaWire) - June 29, 2020 - Golden Matrix Group Inc. (OTC: GMGID), a developer and licenser of social gaming platforms, systems and gaming content, today announced the company has completed its 1-for-150 reverse stock split, and the split-adjusted shares began trading on June 26, 2020. The common shares, which previously traded under the ticker symbol “GMGI,” are trading on a post-split basis under the symbol “GMGID.” They will continue to trade for a period of 20 business days, after which time the “D” will be removed, and the symbol will revert back to “GMGI.”
The reverse stock split affected all issued and outstanding shares of GMGI common stock and will not alter any stockholder’s percentage interest in GMGI’s equity. No fractional shares have been issued in connection with the reverse split, and shareholders who would be entitled to receive a fractional share have instead received one additional share.
“We are extremely pleased by the success of the reverse split,” said Golden Matrix CEO Brian Goodman. “It is an important step in our long-term strategy to build Golden Matrix into an international company and represents our commitment to enhance shareholder value and uplist GMGI shares to a national exchange later this year. Also, we believe that the company’s continuing profitability and expansion of product offerings and geographic reach, coupled with a more attractive capitalization, will engage the interest of a broader range of investors and attract new shareholders.”
Mr. Goodman noted that, as a result of the 1-for-150 reverse split, the company’s outstanding common stock was reduced to about 19 million shares from almost 3 billion shares, and the number of authorized shares were reversed at the same ratio and reduced to 40 million shares from 6 billion shares.
Golden Matrix revenues are derived primarily from licensing fees received from gaming operators located in the Asia Pacific (APAC) region and integrated with the company’s state-of-the-art GM-X platform. The company reported earlier this month that there are now more than three million registered users across all GM-X gaming platforms. “As a result of the rapid expansion of active users these past few months,” said Mr. Goodman, “we expect June to be a record revenue month and the current quarter to finish strongly with increased revenues and profitability.”
About Golden Matrix
Golden Matrix Group, based in Las Vegas, NV, is an established gaming technology company that develops and owns online gaming IP and builds configurable and scalable white-label social gaming platforms for its international customers, located primarily in the Asia Pacific region. The gaming IP includes tools for marketing, acquisition, retention, and monetization of users. The company's platform can be accessed through both desktop and mobile applications.
Our sophisticated software automatically declines any gaming or redemption requests from within the United States, in strict compliance with current US law.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.
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