Golden Matrix Group has announced that its Board of Directors has authorised a stock repurchase programme.
The programme allows for the repurchase of up to $5m of the company's common stock and is expected to be funded using the company's working capital.
Overall, the initiative is intended to provide a range of different benefits, as outlined by Golden Matrix CEO Anthony Brian Goodman, who said: “We believe the repurchase program may provide numerous benefits to the company and its stockholders.
“These include possibly helping to counteract the short interest in the company’s common stock, mitigation of overhang on the market for the company’s common stock, attractive use of the company’s capital to repurchase shares at current prices, a more tax-efficient way of returning capital to shareholders compared to declaring cash dividends and accretion to earnings per share.”
The shares may be repurchased periodically in the open market or through negotiated transactions at prevailing market rates, adhering to federal securities laws.
Repurchases will be made at management's discretion, considering factors such as share availability, general market conditions, trading prices, alternative capital uses and the company's financial performance.
This news comes after Golden Matrix Group announced revenue of over $39m for Q2 2024 earlier this month – a figure that represents its highest quarterly revenue to date.
Golden Matrix Group CEO Goodman, along with his counterpart at MeridianBet, Zoran Milosevic, will appear in an upcoming Huddle interview.
