LAS VEGAS, April 24, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- The board of directors of Golden Matrix Group Inc. (OTC: GMGI), a developer and licenser of social gaming platforms, systems and gaming content, today announced it has authorized a reverse split of both its outstanding and authorized shares of common stock.
The effective date for the reverse split will be determined by the Financial Industry Regulatory Authority (FINRA). On the effective date, every 150 shares of issued and outstanding common stock will be automatically exchanged for one issued and outstanding share of common stock, resulting in about 19 million shares post-split. The authorized shares of common stock will also be reversed at the same ratio and be reduced to 40 million shares from 6 billion shares.
“This is a very positive move,” said Golden Matrix CEO Brian Goodman. “It is one of the key steps needed to increase share value as part of our intention to uplist GMGI shares to a major exchange this year. Despite the company’s strong operating performance with consistent quarterly earnings, positive cash flows and cash on hand, participation by a broad range of investors has thus far been limited because of the sub-penny status of GMGI stock. We are confident that, once effective, this reverse split and significant reduction of issued and outstanding common shares will help to increase interest, volume and liquidity in GMGI and attract new shareholders.”
The reverse stock split will affect all shareholders uniformly and will not alter any shareholder’s percentage interest in the company’s equity, except to the extent that the reverse stock split results in some shareholders experiencing a rounding-up adjustment for any fractional shares.
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.
Forward-Looking Statements
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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