via NewMediaWire – Golden Matrix Group Inc. (NASDAQ:GMGI)(“Golden
Matrix”, “GMGI” or the “Company”), a developer and licensor of
online gaming platforms, systems and gaming content, today
announced that its Board of Directors has authorized the repurchase
of up to a maximum of $2.0 million of shares of the Company’s
common stock. Subject to any future extension in the discretion of
the Board of Directors of the Company, the repurchase program is
scheduled to expire on September 29, 2023, when a maximum of $2.0
million of the Company’s common stock has been repurchased, or when
such program is discontinued by the Board of Directors.
“We believe the repurchase program may provide numerous benefits
to the Company and its stockholders, including, among others,
mitigation of overhang on the market for the Company’s common
stock; attractive use of the Company’s capital to repurchase shares
at current prices; a more tax-efficient way of returning capital to
shareholders compared to declaring cash dividends; and accretion to
earnings per share,” said Anthony Brian Goodman, Chief Executive
Officer of the Company.
Under the stock repurchase program, shares may be repurchased
from time to time in the open market or through negotiated
transactions at prevailing market rates, or by other means in
accordance with federal securities laws. Repurchases will be made
at management’s discretion at prices management considers to be
attractive and in the best interests of both the Company and its
stockholders, subject to the availability of shares, general market
conditions, the trading price of the common stock, alternative uses
for capital, and the Company’s financial performance. Open market
purchases are expected to be conducted in accordance with the
limitations set forth in Rule 10b-18 of the Securities Exchange Act
of 1934 (the “Exchange Act”) and other applicable laws and
regulations. Repurchases may also be made under a Rule 10b5-1 plan,
which would permit shares to be repurchased when the Company might
otherwise be precluded from doing so under insider trading
laws.
The repurchase program may be suspended, terminated or modified
at any time for any reason, including market conditions, the cost
of repurchasing shares, the availability of alternative investment
opportunities, liquidity, and other factors deemed appropriate.
These factors may also affect the timing and amount of share
repurchases. The repurchase program does not obligate the Company
to purchase any particular number of shares. There is no guarantee
as to the exact number or value of shares that will be repurchased
by the Company, if any.
The repurchase program will be funded using the Company’s
working capital. As of January 31, 2023, the Company had 36,099,526
shares of common stock issued and outstanding and $15,423,897 in
cash and cash equivalents.
All shares purchased by the Company under the stock repurchase
program will be retired and returned to treasury.
About Golden Matrix
Golden Matrix Group, 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 for its extensive list of
clients and RKings, its B2C division, operates a high-volume
eCommerce site enabling end users to enter paid-for competitions on
its proprietary platform in authorized markets.
Our sophisticated software automatically declines any gaming or
redemption requests from within the United States, in strict
compliance with current US law.
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”). These forward-looking statements represent the
Company’s current expectations or beliefs concerning future events
and can generally be identified using statements that include words
such as “estimate,” “expects,” “project,” “believe,” “anticipate,”
“intend,” “plan,” “foresee,” “forecast,” “likely,” “will,” “target”
or similar words or phrases. These forward-looking statements are
subject to risks, uncertainties and other factors, many of which
are outside of the Company’s control which could cause actual
results to differ materially from the results expressed or implied
in the forward-looking statements, including, but not limited to,
risks relating to the timing or nature of the share repurchase
program announced above; the ability of the parties to close the
Meridian Bet Purchase Agreement (the “Purchase Agreement”) on the
terms set forth in, and pursuant to the required timing set forth
in, the Purchase Agreement, if at all; the occurrence of any event,
change or other circumstances that could give rise to the right of
one or all of the shareholders of MeridianBet Group or the Company
(collectively, the “Purchase Agreement Parties”) to terminate the
Purchase Agreement; the effect of such termination, including
breakup and other fees potentially payable in connection therewith;
the outcome of any legal proceedings that may be instituted against
Purchase Agreement Parties or their respective directors or
officers; the ability to obtain regulatory and other approvals and
meet other closing conditions to the Purchase Agreement on a timely
basis or at all, including the risk that regulatory and other
approvals required for the Purchase Agreement are not obtained on a
timely basis or at all, or are obtained subject to conditions that
are not anticipated or the expected benefits of the transaction;
the ability of the Company to obtain the funding required to
complete such acquisition, the terms of such funding, potential
dilution caused thereby and/or covenants agreed to in connection
therewith; the ability to obtain approval by the Company’s
shareholders on the expected schedule of the transactions
contemplated by the Purchase Agreement; potential adverse reactions
or changes to business relationships resulting from the
announcement or completion of the Purchase Agreement; the ability
of the Company to retain and hire key personnel; the diversion of
management’s attention from ongoing business operations; the
expected synergistic relationships and cost savings from the
transactions contemplated by the Purchase Agreement; uncertainty as
to the long-term value of the common stock of the Company following
the closing of the Purchase Agreement; the business, economic and
political conditions in the markets in which the Purchase Agreement
Parties operate; the impact of the COVID-19 pandemic on the
Company; the effect on the Company and its operations of the
ongoing Ukraine/Russia conflict, increased interest rates,
recessions and increased inflation; 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 available funding for such acquisitions; disruptions caused by
acquisitions; dilution caused by fund raising, the conversion of
outstanding preferred stock 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 Company’s chief executive officer has
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
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 Company’s prior lack
of effective internal controls; dilution caused by efforts to
obtain additional financing; 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 release are reasonable, we provide no
assurance that these plans, intentions or expectations will be
achieved. Consequently, you should not consider any such list to be
a complete set of all potential risks and uncertainties. More
information on potential factors that could affect the Company’s
financial results is included from time to time in 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, 2022 and the Quarterly
Report for the quarter ended January 31, 2023. These reports are
filed with the SEC and available at www.sec.gov. 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 are
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.
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https://www.instagram.com/goldenmatrixgroup/Golden Matrix Group:
www.goldenmatrix.comContact: ir@goldenmatrix.com
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