Golden Matrix Group Inc (GMGI)

[Goodbuddy4863]

Golden Matrix Authorizes 1-for-150 Reverse Stock Split:

https://finance.yahoo.com/news/golden-matrix-authorizes-1-150-130010290.html

LAS VEGAS, April 24, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- The board of directors of Golden Matrix Group Inc. (GMGI), a developer and licenser of social gaming platforms, systems and gaming content, today announced it has authorized a reverse split of both its outstanding and authorized shares of common stock.

The effective date for the reverse split will be determined by the Financial Industry Regulatory Authority (FINRA). On the effective date, every 150 shares of issued and outstanding common stock will be automatically exchanged for one issued and outstanding share of common stock, resulting in about 19 million shares post-split. The authorized shares of common stock will also be reversed at the same ratio and be reduced to 40 million shares from 6 billion shares.

“This is a very positive move,” said Golden Matrix CEO Brian Goodman. “It is one of the key steps needed to increase share value as part of our intention to uplist GMGI shares to a major exchange this year. Despite the company’s strong operating performance with consistent quarterly earnings, positive cash flows and cash on hand, participation by a broad range of investors has thus far been limited because of the sub-penny status of GMGI stock. We are confident that, once effective, this reverse split and significant reduction of issued and outstanding common shares will help to increase interest, volume and liquidity in GMGI and attract new shareholders.”

The reverse stock split will affect all shareholders uniformly and will not alter any shareholder’s percentage interest in the company’s equity, except to the extent that the reverse stock split results in some shareholders experiencing a rounding-up adjustment for any fractional shares.