Meridian Holdings Inc. (formerly Golden Matrix Group) 2025 Annual Report: Key Highlights for Investors

1. Major Corporate Actions: Reverse Stock Split and Name Change

On March 3, 2026, Golden Matrix Group, Inc. officially changed its name to Meridian Holdings Inc. and implemented a 1-for-12 reverse stock split. This action reduced the number of authorized shares of common stock from 300 million to 25 million, and the number of outstanding common shares from approximately 15.7 million to 12.6 million. Importantly, there was no change in par value for common or preferred stock, nor in the authorized or outstanding shares of preferred stock, though preferred stock conversion ratios were adjusted accordingly. Fractional shares were not issued; instead, shareholders received cash payments for fractional entitlements based on the closing price of the stock prior to the split.

• The reverse split was designed to bring the company into compliance with NASDAQ requirements and enhance its capital structure.
• All equity awards, stock options, and warrants were adjusted proportionately (1-for-12) in terms of shares and exercise prices.

Shareholder Impact: These actions may affect share liquidity, price, and could influence institutional investor eligibility. The move was executed to stabilize the company’s share price and support continued listing on NASDAQ, potentially impacting market perception and valuation.

2. Trading Information

3. Company Status and Regulatory Filing Notes

• The company is a non-accelerated filer and a smaller reporting company (not an emerging growth company).
• It is not a shell company and has filed all required reports in the last 12 months.
• As of March 31, 2026, the company had 1,262,023 shares of common stock outstanding, post-reverse split (excluding certain RSUs).

4. Key Risk Factors and Forward-Looking Statements

The report details significant forward-looking statements and associated risk factors that could have material impacts on the company and its share value. Key risks include:

• Need for Additional Financing: The company requires significant funds to support growth, acquisitions (notably MeridianBet Group), and other obligations. Inability to secure financing could impact expansion and operational continuity.
• Dilution Risk: Conversion of outstanding debt, preferred stock, and warrants, or shares issued for acquisitions, may dilute existing shareholders.
• Acquisition Execution: Risks around completing and integrating acquisitions, as well as funding and potential disruptions, are highlighted.
• Licensing and Regulatory Compliance: The company’s operations depend on obtaining and retaining gaming licenses in multiple jurisdictions, and failure or changes in regulatory environments could adversely affect the business.
• NASDAQ Listing: Maintaining compliance and listing on NASDAQ is critical; any failure could severely affect share value.
• Management Control: Aleksandar Milovanović holds voting control over the company, which may influence strategic direction and governance.
• Economic and Market Risks: Exposure to macroeconomic factors such as inflation, interest rates, global conflicts, and consumer spending patterns can impact revenue and profitability.
• Competitive Pressures: The market is highly competitive, requiring ongoing innovation and investment in technology.
• Currency and FX Risks: International operations expose the company to foreign exchange and currency risks.
• Legal and Compliance Risks: The company faces ongoing legal proceedings, compliance, and cyber risks across jurisdictions.
• Player Protection and Game Integrity: Risks include protection of player deposits and the integrity of sports events (e.g., match-fixing).

Shareholder Impact: These risks are material and could directly affect share price, valuation, and future prospects. Investors should read the full risk section for a comprehensive understanding of the company’s risk profile.

5. Business Overview and Strategic Position

Meridian Holdings Inc. is a technology-driven sports betting and gaming company with operations spanning multiple countries. A substantial portion of revenue comes from proprietary sports betting technology, which covers over 800 leagues and provides more than 11 million bets on 20,000+ sporting events monthly, including in-play betting.

• The proprietary technology is central to the company’s competitive edge and revenue model.
• The company offers a diverse range of sports, including traditional and emerging sports, e-sports, and niche markets; it also offers betting on political events where permitted.
• Localized content, multi-language interfaces, and promotions tailored to regional preferences help drive engagement.
• Innovative features include “Empty Bets,” allowing customers to propose custom bets, subject to ethical and legal review.
• The company uses a B2B franchise model to license its technology to local operators, expanding revenue streams and brand reach.
• Research and development is focused on integrating advanced machine learning for personalized odds and betting experiences.

6. Company Structure and Subsidiaries

The company’s consolidated financials as of December 31, 2025, include a network of wholly-owned and majority-owned subsidiaries. Key operating entities include:

• Global Technology Group Pty Ltd (Australia)
• Classics Holdings Co. Pty Ltd (Australia)
• Golden Matrix (IOM) Limited (Isle of Man)
• Meridian Tech (PYT) LTD (South Africa)
• Meridianbet Brasil Ltda (Brazil)

7. Resources and Operational Infrastructure

Unlike traditional manufacturing, the company’s key resources are operating licenses, data, and proprietary software infrastructure. Third-party data providers deliver real-time sports data and statistics, essential for dynamic odds and risk management. Maintaining and upgrading proprietary technology is critical for operational excellence and regulatory compliance.

8. Regulatory Filings and Availability of Information

Meridian Holdings Inc. files all required reports with the SEC, which are available on the SEC’s website and the company’s own website (https://meridian-holdings.com). Investors can access annual, quarterly, and current reports, as well as proxy statements and other disclosures.

Conclusion: Potential Share Price Impact and Investment Considerations

• The reverse stock split and name change are material corporate actions that could affect trading dynamics, liquidity, and institutional interest in the shares.
• Ongoing requirements for financing, integration of acquisitions, and regulatory compliance represent key risks and opportunities for future growth.
• The company’s technological innovation and competitive positioning are positive, but the market is highly dynamic and exposed to global economic and regulatory shifts.
• Shareholder control concentration and the ability to maintain a NASDAQ listing are additional factors that may affect valuation.

Disclaimer

The above article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investors should review the full Form 10-K and other public filings of Meridian Holdings Inc. and consult with their financial advisors before making any investment decisions. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected.

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