VALLETTA, Malta and LAS VEGAS, Nov. 28, 2025 (GLOBE NEWSWIRE) — Aleksandar Milovanović, founder and largest shareholder of Meridianbet, has elected to convert $8 million of cash consideration owed to him into equity, further strengthening the Company’s balance sheet and demonstrating strong conviction in Golden Matrix’s long-term growth trajectory.

Under the terms of the conversion agreement Mr. Milovanovic voluntarily converted $8 million of 18-Month Non-Contingent Post-Closing Cash Consideration into 8 million shares of Golden Matrix common stock at a conversion price of $1.00 per share.

This transaction was completed pursuant to the Ninth Amendment to the Amended and Restated Sale and Purchase Agreement originally executed in connection with the Company’s transformational acquisition of Meridianbet.

This debt-to-equity conversion represents a significant strategic milestone that materially improves Golden Matrix’s financial position by:

• Eliminating $8 million in near-term cash obligations, preserving capital for growth initiatives and operational expansion
• Reducing leverage and enhancing financial flexibility during a period of accelerating business momentum
• Demonstrating disciplined capital allocation that prioritizes shareholder value creation
• Positioning the Company to capitalize on emerging market opportunities without the constraints of debt service

The conversion is particularly noteworthy as it represents Mr. Milovanović’s deliberate choice to increase his equity stake in Golden Matrix rather than receive cash. As one of the Company’s largest shareholders and a principal architect of the Meridianbet success story, Mr. Milovanović’s decision to further align his interests with public shareholders sends a powerful signal about the value creation potential he sees ahead.

Following this transaction, Mr. Milovanović beneficially owns approximately 93.3 million shares of Golden Matrix common stock, reinforcing his position as one of the Company’s most significant long-term stakeholders. His willingness to forgo immediate liquidity in favor of increased equity ownership underscores his conviction in the Company’s strategic direction and growth prospects.

About Meridianbet Group

Founded in 2001, Meridianbet Group is a well-established online sports betting and gaming group, licensed and currently operating in 18 jurisdictions across Europe, Africa, and South America. The Meridianbet Group’s successful business model utilizes proprietary technology and scalable systems, allowing it to operate in multiple countries and currencies with an omni-channel approach to markets, including retail, desktop online, and mobile. The Company is part of the Golden Matrix Group (NASDAQ: GMGI).

About Golden Matrix Group

Golden Matrix Group, based in Las Vegas, NV, is an established B2B and B2C gaming technology company operating across multiple international markets. The B2B division develops and licenses proprietary gaming platforms to an extensive list of clients, while its B2C division operates RKings Competitions, a high-volume eCommerce site enabling end users to enter paid-for competitions on its proprietary platform in authorized markets. The Company also owns and operates MEXPLAY, a regulated online casino in Mexico.

Meridianbet Group, founded in 2001 and acquired by Golden Matrix in 2024, is a leading online sports betting and gaming operator, licensed in multiple jurisdictions across Europe, Africa, and South America.

Forward-Looking Statements

Certain statements made in this press release contain forward-looking information within the meaning of applicable securities laws, including within the meaning of the Private Securities Litigation Reform Act of 1995 (“forward-looking statements”). Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements.

Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, the ability of the Company to obtain the funding required to pay certain Meridianbet Group acquisition payments when due; the ability of the Company to successfully integrate the operations of the Meridianbet Group or Expanse Studios or any other acquired or merged entities into its operations; the ability to realize anticipated benefits and synergies of the acquisitions, if any, including potential financial and operational synergies and the ability of the combined businesses to grow; the Company’s ability to continue as a going concern; the Company’s ability to attract and retain qualified directors, officers, employees and personnel; changes in consumer preferences; changes in applicable laws or regulations; litigation or regulatory proceedings; general economic, financial, political, demographic and business conditions; future exchange and interest rates; and unforeseen events and circumstances.

Certain of these risks are set forth in greater detail in Golden Matrix’s filings with the SEC, including our annual report on Form 10-K for the fiscal year ended October 31, 2024, and subsequent quarterly reports on Form 10-Q, which are available at www.sec.gov. Except as required by law, the Company undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events.

Contact: [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1b029793-576a-46c6-bfda-5b258260912f

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Aleksandar Milovanović, founder and largest shareholder of Meridianbet, has completed a $500,000 cash-to-equity conversion under the Post-Closing Cash Consideration Conversion Agreement, as specified in the Eighth Amendment to the Amended and Restated Sale and Purchase Agreement with the parent company, Golden Matrix Group (GMGI).

The Eight Amendment was signed on August 29, 2025 and entered into force on September 9, 2025. The underlying SPA was signed June 27, 2023, and the acquisition closed on April 9, 2024 (effective April 1, 2024).

The conversion was executed in five scheduled tranches from September 9 to September 26, 2025.

With the final tranche today, the full $500,000 conversion is complete as agreed. These issuances were made as restricted shares pursuant to the SPA terms and do not affect the overall economics of the post-closing consideration.

The completion of the scheduled tranches converts cash obligations into equity as outlined in the agreement, without changing the overall post-closing economic terms. This process manages cash flow timing and maintains consistency with the agreed-upon shareholder structure.

About Meridianbet

Founded in 2001, Meridianbet Group is a well-established online sports betting and gaming group, licensed and currently operating in 18 jurisdictions across Europe, Africa, and South America. The Meridianbet Group’s successful business model utilizes proprietary technology and scalable systems, allowing it to operate in multiple countries and currencies with an omni-channel approach to markets, including retail, desktop online, and mobile. The Company is part of the Golden Matrix Group.

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