New York-listed gaming operator Golden Matrix Group is rebranding to Meridian Holdings Inc., effective March 3.
The new corporate name is meant to realign the company’s identity with its flagship brand, Meridianbet, and will see the company’s Nasdaq ticker symbol change from GMGR to MRDN.
The company will also implement a reverse stock split at a ratio of 1-for-12, also effective March 3, in a bid to raise the nominal price of its shares to ensure compliance with the minimum bid requirements under Nasdaq listing rules.
“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,” said Golden Matrix Group chief financial officer Rich Christensen. “By consolidating our shares, we are bringing our capital structure in line with companies of our scale and revenue profile, while seeking to position GMGI to benefit from broader access to the capital markets, which our business fundamentals warrant.
“Furthermore, we expect that the Reverse Stock Split will address and satisfy the minimum bid requirements of Nasdaq, allowing our team to focus entirely on executing our growth strategy and delivering value to shareholders through our core gaming operations.”
Shares in Golden Matrix Group Inc. (NASDAQ:GMGR) closed 9.81 per cent lower at $0.51 per share in New York Thursday and were down 3.38 per cent in pre-market trading to $0.50 per share.