Golden Matrix Group Inc. (NASDAQ: GMGI) has announced that on 1st October 2024, the Company passed its fifth amendment to the initial share purchase agreement with Meridianbet in connection with the Company’s previous acquisition of Meridianbet earlier this year.
Under the current Purchase Agreement, Golden Matrix is obligated to pay Aleksandar Milovanović, Zoran Milošević and Snežana Božović additional sums of cash and Golden Matrix Common Stock within five business days following October 9, 2024.
As of 1st October 1, 2024, the Share Purchase Agreement was amended to reflect that the cash component shall be paid to each of the Sellers as follows:
- Milovanović – 40% of the total post-closing cash consideration due to Milovanović shall be satisfied in shares of Golden Matrix Common Stock and the remaining contingent post-closing cash consideration shall be deferred until at least November 9, 2024.
- Milošević – 40% of the total post-closing cash consideration due to Milosevic shall be satisfied in shares of Golden Matrix Common Stock and the remaining contingent post-closing cash consideration shall be payable at the rate of USD$50,000 per month, on each of October 1, 2024, November 1, 2024 and December 1, 2024.
- Božović – 20% of the total of the post-closing cash consideration due to Božović shall be satisfied in shares of Golden Matrix Common Stock and the remaining contingent post-closing cash consideration shall be payable at the rate of USD$50,000 per month, on each of October 1, 2024 and November 1, 2024.
These conversions from contingent cash payments to Golden Matrix Common Stock aligns the interests of key stakeholders with GMGI’s long-term prospects for further growth and overall continued success. Moreover, it is expected to provide GMGI with enhanced financial flexibility as it continues to focus on its various strategic initiatives and expansion efforts.
