Golden Matrix Group Closes Debt Conversion Agreement, Files Indemnification Arrangements; Exhibit 99.1 Features Icahn Enterprises Q4 Results

Golden Matrix Group, Inc. (NASDAQ: GMGI) announced in its recent SEC Form 8‑K filing that it has taken significant steps related to its earlier acquisition of the Meridian Companies. The filing provides details regarding the terms of the Purchase Agreement originally disclosed on April 9, 2024, under which Golden Matrix acquired 100% of several Meridian entities. As part of the overall transaction, the Company agreed to pay a contingent cash consideration of $5 million as well as 5,000,000 restricted shares of common stock.

An amendment to the Purchase Agreement on October 1, 2024, adjusted the payment terms for one of the sellers, Aleksandar Milovanović, so that a portion of the contingent cash was to be satisfied with Company shares while the remaining amount was deferred. The Company subsequently repaid $1,459,642 in cash, leaving a remaining contingent cash balance of $1,165,358.

On February 23, 2025, Golden Matrix Group and Milovanović entered into a Debt Conversion Agreement (dated February 18, 2025), under which the remaining contingent cash was converted into 647,422 shares of common stock at a conversion price of $1.80 per share. Under the agreement, the shares issued in connection with the debt conversion fully satisfy the outstanding cash obligation. The filing notes that the issuance of the Debt Conversion Shares is being made through an unregistered equity offering that qualifies for an exemption under Section 4(a)(2) and/or Rule 506 of Regulation D of the Securities Act of 1933.

In addition to the Debt Conversion Agreement, the filing disclosed that on or about February 24, 2025, the Company entered into indemnification agreements with each member of its Board of Directors and current executive officers. These arrangements are designed to provide indemnification and advancement of expenses for any claims arising out of their service to the Company, to the fullest extent permitted by law.

Also included among the exhibits attached to the filing is Exhibit 99.1, which contains a press release from Icahn Enterprises L.P. The exhibit reports Icahn Enterprises’ fourth quarter 2024 financial results, noting a net loss attributable to Icahn Enterprises of $98 million and an adjusted EBITDA of $12 million for the quarter. The press release also highlights additional financial metrics, including an indicative net asset value of approximately $3.3 billion as of December 31, 2024, and the declaration of a quarterly distribution of $0.50 per depositary unit.

The disclosures provide investors with further insight into strategic corporate transactions for Golden Matrix Group while also including important financial updates from Icahn Enterprises as part of the attached exhibit.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Golden Matrix Group’s 8K filing here.

Golden Matrix Group Company Profile

Golden Matrix Group, Inc provides enterprise software-as-a-service solutions for online casino and sports betting operators. The company develops and owns online gaming intellectual property; and builds gaming platforms for customers located primarily in the Asia Pacific region. Its platform facilitates gaming customers in operating online casinos, sportsbooks, lottery, and live games; and provides customers with access to a portfolio of licensed gaming content, which are provided by gaming content providers.