Golden Matrix Group, Inc. (NASDAQ:GMGI) announced its board of directors has approved a 1-for-12 reverse stock split of its common stock and a name change to Meridian Holdings Inc. The changes are expected to take effect on March 3, 2026, with shares trading under the new ticker symbol "MRDN" on the Nasdaq Capital Market.
The reverse stock split aims to raise the nominal price of GMGI shares to ensure compliance with Nasdaq Listing Rule 5550(a)(2), which sets minimum bid requirements for continued listing. This corporate action represents a strategic move to optimize the company's capital structure and align it with industry standards for public gaming companies. By consolidating shares, the company seeks to position itself for broader access to capital markets while maintaining focus on core gaming operations.
Chief Financial Officer Rich Christensen stated the reverse stock split represents "a strategic capital structure optimization that aligns GMGI with best practices for public companies as well as gaming industry standards." He emphasized that the action would allow the company to address Nasdaq compliance requirements while positioning the organization to benefit from improved capital market access.
The reverse stock split will reduce the number of issued and outstanding shares from 151,692,749 to 12,641,062 and authorized shares from 300,000,000 to 25,000,000. All stockholders will be affected uniformly, with no change to percentage ownership interests except for fractional share adjustments. No fractional shares will be issued; instead, stockholders will receive cash payments for fractional interests based on the closing price per share on Nasdaq immediately prior to the effective time.
Proportionate adjustments will be made to outstanding equity awards, warrants, and other convertible securities. The company will file necessary documentation with Nevada authorities, including a Certificate of Change Pursuant to NRS 78.209 for the reverse stock split and a Certificate of Amendment for the name change.
For shareholders, the transition will be largely automated. Those holding shares through brokers or other nominee organizations will have positions automatically adjusted according to standard industry processes. Registered stockholders with book-entry shares need take no action, while those with certificated shares should contact Equiniti for instructions. VStock Transfer LLC will serve as transfer agent for the reverse stock split.
This corporate restructuring matters because it addresses fundamental listing compliance issues that could have threatened the company's Nasdaq status. For investors, the reverse stock split and name change signal management's commitment to maintaining exchange listing standards while potentially improving the stock's appeal to institutional investors who often avoid low-priced securities. The gaming industry increasingly values companies with strong capital market positioning, particularly as competition intensifies in international markets.
The name change to Meridian Holdings Inc. reflects the company's evolution following its 2024 acquisition of Meridianbet Group, a leading online sports betting and gaming operator licensed in multiple jurisdictions across Europe, Africa, and South America. This rebranding represents more than cosmetic change—it signals strategic integration of acquired assets and potential market repositioning.
Additional information about the reverse stock split will be available in the company's Current Report on Form 8-K, which GMGI plans to file with the Securities and Exchange Commission on March 3, 2026. This document will be accessible through the SEC's website at https://www.sec.gov and in the investors section of the company's website at https://goldenmatrix.com/investor.
The company's forward-looking statements acknowledge various risks that could affect outcomes, including the reverse stock split's effectiveness in achieving Nasdaq compliance, funding challenges, market conditions, regulatory changes, and competitive pressures. These factors highlight the importance of monitoring how the corporate restructuring interacts with broader business fundamentals in the volatile gaming sector.
