Golden Matrix Group Resumes Stock Repurchase Program
Golden Matrix Group (NASDAQ: GMGI) has announced the resumption of its existing stock repurchase program. The company can repurchase outstanding common stock shares through open market or private transactions, with approximately $4.958 million available under the current program. GMGI currently has 129,242,993 shares outstanding.
CEO Brian Goodman reported that all divisions are performing at or above expectations with continued growth anticipated in Q4. As of September 30, 2024, the company maintained a strong balance sheet with $38.4 million in cash, well above its $17.5 million current portion of long-term debt. The company is servicing all debt in cash rather than equity and expects its cash position to support both debt settlement and potential accretive acquisitions.
Golden Matrix Group (NASDAQ: GMGI) ha annunciato la ripresa del suo programma di riacquisto di azioni esistenti. L'azienda può riacquistare azioni ordinarie in circolazione attraverso transazioni sul mercato aperto o private, con circa 4,958 milioni di dollari disponibili sotto il programma attuale. GMGI attualmente ha 129.242.993 azioni in circolazione.
Il CEO Brian Goodman ha riferito che tutte le divisioni stanno performando secondo o oltre le aspettative, con una continua crescita prevista per il Q4. Al 30 settembre 2024, l'azienda ha mantenuto un bilancio solido con 38,4 milioni di dollari in contante, ben oltre i 17,5 milioni di dollari della parte corrente del debito a lungo termine. L'azienda sta servendo tutto il debito in contanti piuttosto che in capitale e prevede che la sua posizione di cassa sosterrà sia il pagamento del debito che potenziali acquisizioni vantaggiose.
Golden Matrix Group (NASDAQ: GMGI) ha anunciado la reanudación de su programa existente de recompra de acciones. La compañía puede recomprar acciones ordinarias en circulación a través de transacciones en el mercado abierto o privadas, con aproximadamente 4.958 millones de dólares disponibles bajo el programa actual. GMGI tiene actualmente 129.242.993 acciones en circulación.
El CEO Brian Goodman informó que todas las divisiones están funcionando según o por encima de las expectativas, con un crecimiento continuo anticipado en el Q4. Al 30 de septiembre de 2024, la compañía mantuvo un balance sólido con 38.4 millones de dólares en efectivo, muy por encima de los 17.5 millones de dólares de la parte corriente de la deuda a largo plazo. La empresa está atendiendo toda la deuda en efectivo en lugar de en capital y espera que su posición de caja apoye tanto el pago de la deuda como adquisiciones potencialmente beneficiosas.
골든 매트릭스 그룹 (NASDAQ: GMGI)은 기존 주식 재매입 프로그램의 재개를 발표했습니다. 회사는 공개시장 또는 사적 거래를 통해 유통 중인 보통주를 재매입할 수 있으며, 현재 프로그램에 약 4958만 달러가 남아 있습니다. GMGI는 현재 129,242,993 주식이 유통되고 있습니다.
CEO 브라이언 굿맨은 모든 부서가 기대에 부응하거나 그 이상으로 성과를 내고 있으며, Q4에 지속적인 성장이 예상된다고 보고했습니다. 2024년 9월 30일 기준으로 회사는 3840만 달러의 현금을 보유하고 있어 1750만 달러의 장기 채무의 현재 부분을 훨씬 초과합니다. 회사는 자본이 아닌 현금으로 모든 부채를 이행하고 있으며, 현금 위치가 부채 상환 및 잠재적인 유익한 인수를 지원할 것으로 예상하고 있습니다.
Golden Matrix Group (NASDAQ: GMGI) a annoncé la reprise de son programme de rachat d'actions existant. L'entreprise peut racheter des actions ordinaires en circulation via des transactions sur le marché ouvert ou privées, avec environ 4,958 millions de dollars disponibles dans le cadre du programme actuel. GMGI a actuellement 129.242.993 actions en circulation.
Le PDG Brian Goodman a rapporté que toutes les divisions fonctionnent à la hauteur ou au-delà des attentes, avec une croissance continue attendue au Q4. Au 30 septembre 2024, l'entreprise a maintenu un bilan solide avec 38,4 millions de dollars en liquidités, bien au-dessus des 17,5 millions de dollars de sa partie courante de la dette à long terme. L'entreprise rembourse toute sa dette en espèces plutôt qu'en actions et s'attend à ce que sa position de trésorerie soutienne à la fois le règlement de la dette et des acquisitions potentiellement avantageuses.
Golden Matrix Group (NASDAQ: GMGI) hat die Wiederaufnahme seines bestehenden Aktienrückkaufprogramms bekannt gegeben. Das Unternehmen kann ausstehende Stammaktien über den offenen Markt oder private Transaktionen zurückkaufen, wobei im aktuellen Programm etwa 4,958 Millionen Dollar zur Verfügung stehen. GMGI hat derzeit 129.242.993 Aktien im Umlauf.
CEO Brian Goodman berichtete, dass alle Abteilungen entsprechend oder über den Erwartungen arbeiten, und im Q4 ein weiteres Wachstum erwartet wird. Zum 30. September 2024 hielt das Unternehmen eine starke Bilanz mit 38,4 Millionen Dollar in bar, weit über dem 17,5 Millionen Dollar aktuellen Teil der langfristigen Schulden. Das Unternehmen bedient alle Schulden in bar anstelle von Eigenkapital und erwartet, dass seine Barreserven sowohl die Schuldenbegleichung als auch potenzielle akquisitorische Übernahmen unterstützen werden.
- Strong cash position of $38.4 million versus $17.5 million in current debt
- All divisions performing at or above expectations
- $4.958 million available for share repurchases
- Ability to service debt with cash instead of equity
- Sufficient liquidity for potential accretive acquisitions
- Significant long-term debt of $17.5 million
Insights
The resumption of GMGI's stock repurchase program with
The decision to service debt with cash rather than equity shows management's confidence in cash flow generation and reduces potential dilution risk for existing shareholders. This approach, combined with the buyback program, signals a balanced capital allocation strategy focused on both debt management and shareholder returns. For a company with a market cap of
The company's ability to maintain strong cash reserves while pursuing buybacks and servicing debt in cash indicates efficient working capital management. This positions GMGI favorably for potential M&A opportunities in the gaming sector, where consolidation opportunities often arise.
In the competitive online gaming sector, GMGI's financial strategy reflects a company in a strong growth phase with disciplined capital management. The decision to resume buybacks while maintaining substantial cash reserves sends positive signals about management's confidence in future performance and current stock valuation. With 129,242,993 shares outstanding, the buyback program could meaningfully reduce the float and potentially increase earnings per share.
The gaming market's current dynamics, characterized by increasing digitalization and consolidation, make GMGI's strong balance sheet particularly valuable. The combination of organic growth potential and M&A capabilities positions the company well in a sector where scale and technological capabilities are important competitive advantages. The management's statement about divisions performing at or above expectations suggests potential upside in near-term financial results.
LAS VEGAS, Dec. 20, 2024 (GLOBE NEWSWIRE) -- Golden Matrix Group Inc. (NASDAQ: GMGI) ("Golden Matrix" or the "Company"), a developer and licensor of online gaming platforms, systems, and gaming content, today announced that it has resumed its existing stock repurchase program.
Under the repurchase program previously authorized by the board of directors, the Company may repurchase its outstanding shares of common stock from time to time in open market or privately-negotiated transactions, including accelerated share repurchase transactions, block trades, or pursuant to 10b5-1 trading plans. Any repurchases will be at management’s discretion and will be subject to market conditions, the price of the Company’s shares and other factors. The stock repurchase program may be modified, suspended or terminated by the Board of Directors at any time.
The Company has approximately
Mr. Brian Goodman, the Company’s Chief Executive Officer, stated that, “All divisions of the Company are currently performing at or above expectations and we expect the Company to show continued growth into the fourth quarter.
“As previously disclosed, the Company has a strong balance sheet and as of September 30, 2024, had
“We believe we are well-positioned to settle any debt as needed, and we are currently servicing all debt in cash, instead of equity. We also expect our liquid cash position to allow the Company to pursue accretive acquisitions, and continue to support our growth strategy,” stated Mr. Goodman.
About Golden Matrix Group
Golden Matrix Group (GMGI), based in Las Vegas, NV, is an established B2B and B2C gaming technology company operating across multiple international markets. The B2B division of Golden Matrix develops and licenses proprietary gaming platforms, while its B2C operations, through Meridianbet, provide sports betting and gaming services across 18 regulated jurisdictions globally. Golden Matrix is committed to delivering cutting-edge technology and innovation to its clients and customers. For more information, visit www.goldenmatrix.com
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About Meridianbet
Founded in 2001, Meridianbet Group is a well-established online sports betting and gaming group, licensed and currently operating in 18 jurisdictions across Europe, Africa, and South America. The Meridianbet Group's successful business model utilizes proprietary technology and scalable systems, allowing it to operate in multiple countries and currencies with an omni-channel approach to markets, including retail, desktop online, and mobile. The Company is part of the Golden Matrix Group (Nasdaq: GMGI).
For more information, visit https://ir.meridianbet.com
YouTube - https://www.youtube.com/@MeridianbetIR
Twitter - https://twitter.com/meridianbet_ofc
Email: ir@meridianbet.com
FORWARD-LOOKING STATEMENTS
Certain statements made in this press release contain forward-looking information within the meaning of applicable securities laws, including within the meaning of the Private Securities Litigation Reform Act of 1995 (“forward-looking statements”). Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements.
Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, the amount, timing, and sources of funding for the Company’s repurchase program, the fact that common share repurchases may not be conducted in the timeframe or in the manner the Company expects, or at all, the ability of the Company to obtain the funding required to pay certain Meridianbet Group acquisition post-closing obligations, the terms of such funding, potential dilution caused thereby and/or covenants agreed to in connection therewith; potential lawsuits regarding the acquisition; dilution caused by the terms of an outstanding convertible note and warrants, the Company’s ability to pay amounts due under the convertible note and covenants associated therewith and penalties which could be due under the convertible note and securities purchase agreement related thereto for failure to comply with the terms thereof; the business, economic and political conditions in the markets in which the Company operates; the effect on the Company and its operations of the ongoing Ukraine/Russia conflict and the conflict in Israel, changing interest rates and inflation, and risks of recessions; the need for additional financing, the terms of such financing and the availability of such financing; the ability of the Company and/or its subsidiaries to obtain additional gaming licenses; the ability of the Company to manage growth; the Company’s ability to complete acquisitions and the availability of funding for such acquisitions; disruptions caused by acquisitions; dilution caused by fund raising, the conversion of outstanding preferred stock, convertible securities and/or acquisitions; the Company’s ability to maintain the listing of its common stock on the Nasdaq Capital Market; the Company’s expectations for future growth, revenues, and profitability; the Company’s expectations regarding future plans and timing thereof; the Company’s reliance on its management; the fact that the sellers of the Meridianbet Group hold voting control over the Company; related party relationships; the potential effect of economic downturns, recessions, increases in interest rates and inflation, and market conditions, decreases in discretionary spending and therefore demand for our products and services, and increases in the cost of capital, related thereto, among other affects thereof, on the Company’s operations and prospects; the Company’s ability to protect proprietary information; the ability of the Company to compete in its market; the effect of current and future regulation, the Company’s ability to comply with regulations and potential penalties in the event it fails to comply with such regulations and changes in the enforcement and interpretation of existing laws and regulations and the adoption of new laws and regulations that may unfavorably impact our business; the risks associated with gaming fraud, user cheating and cyber-attacks; risks associated with systems failures and failures of technology and infrastructure on which the Company’s programs rely; foreign exchange and currency risks; the outcome of contingencies, including legal proceedings in the normal course of business; the ability to compete against existing and new competitors; the ability to manage expenses associated with sales and marketing and necessary general and administrative and technology investments; and general consumer sentiment and economic conditions that may affect levels of discretionary customer purchases of the Company’s products, including potential recessions and global economic slowdowns. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this press release are reasonable, we provide no assurance that these plans, intentions or expectations will be achieved.
Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company’s publicly-filed reports, including, but not limited to, under the “Special Note Regarding Forward-Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s periodic and current filings with the SEC, including the Form 10-Qs and Form 10-Ks, including, but not limited to, the Company’s Annual Report on Form 10-K for the year ended October 31, 2023 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and future periodic reports on Form 10-K and Form 10‑Q. These reports are available at www.sec.gov.
The Company cautions that the foregoing list of important factors is not complete, and does not undertake to update any forward-looking statements except as required by applicable law. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results. The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that is not paid for by the Company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Investor Contact:
Brett Milotte
Brett.Milotte@icrinc.com
FAQ
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