Golden Matrix Group, Inc. (GMGI) announced a 1‑for‑12 reverse stock split of its common shares, effective March 3 2026, and a corporate name change to Meridian Holdings. The reverse split will reduce outstanding shares from 151,692,749 to approximately 12,641,062 and authorized shares from 300 million to 25 million, and the company will trade under the new ticker symbol MRDN.
The reverse split is a capital‑structure optimization designed to raise the per‑share price above Nasdaq’s minimum bid price rule (Listing Rule 5550(a)(2)). By consolidating shares, the company aims to improve its market perception and attract institutional investors while maintaining compliance with exchange listing requirements.
The rebrand to Meridian Holdings aligns the corporate identity with its flagship iGaming brand, Meridianbet, and signals a strategic focus on the integrated iGaming platform and expanded regulatory footprint. The change reflects the company’s shift from a diversified gaming portfolio to a concentrated, brand‑centric model that leverages its strong presence in 18 jurisdictions and its B2B platform, GM‑AG.
Financially, the company returned to profitability in the third quarter of 2025, reporting revenue of $47.3 million—up 15% year‑over‑year—gross profit margin of 56%, net income of $0.6 million versus a $3.4 million loss in the prior year, and adjusted EBITDA of $5.7 million, up 32% year‑over‑year. Full‑year 2025 revenue guidance was tightened to $186–$187 million.
The rebrand and reverse split come as the company expands its market reach, notably with a definitive federal license in Brazil that allows online and retail fixed‑odds betting until December 31 2029. The Brazil license positions Meridianbet to capture a share of a $5.6 billion betting market projected for 2025, while the company’s presence in 18 other jurisdictions supports continued growth.
Management emphasized the strategic intent behind the changes: CEO Zoran Milosevic said, "The transition to Meridian Holdings reflects the reality of our business today." CEO Brian Goodman added, "Brazil represents an extraordinary market opportunity, and securing this license positions us to deliver substantial and lasting value to those in the region." CFO Rich Christensen noted, "We believe that this Reverse Stock Split represents a strategic capital structure optimization that aligns GMGI with best practices for public companies as well as gaming industry standards."
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