LAS VEGAS, NV - Golden Matrix Group, Inc. (NASDAQ:GMGI), a company specializing in prepackaged software services, announced the results of its 2024 Annual Meeting of Stockholders held on Monday. The meeting saw the election of directors and the ratification of the company's independent registered public accounting firm.
Stockholders voted to elect four individuals to serve as directors of the company until the 2025 annual meeting and thereafter until their successors are elected and qualified. Anthony Brian Goodman, Weiting 'Cathy' Feng, Thomas E. McChesney, and Murray G. Smith were elected by the shareholders with a significant majority.
Goodman received 120,368,717 votes for his election, Feng received 120,338,132, McChesney received 119,269,389, and Smith received 120,357,893 votes. The number of withheld votes for the directors was relatively minimal, and there were no abstentions.
Additionally, William Scott was elected to serve as a Series C Preferred Stock director of the company with a unanimous vote of 7,500,000 for and none withheld. The election of the Series C Preferred Stock director is a unique position voted solely by holders of the Series C Preferred Stock.
Furthermore, the appointment of M&K CPAS, PLLC as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified by the shareholders with 120,499,277 votes for, 7,325 against, and 1,433 abstentions.
The voting rights were based on the stockholders of record as of August 23, 2024, with common stockholders entitled to one vote per share and Series B Voting Preferred Stock and Series C Preferred Stock entitled to 7,500 votes per share.
This information is based on a press release statement.
In other recent news, Golden Matrix Group has seen a series of significant developments. The company has announced the departure of its CFO, Omar Jimenez, with Weiting 'Cathy' Feng, the current COO, stepping into the role.
Additionally, Golden Matrix has acquired an 80% controlling stake in Classics for a Cause Pty Ltd, an Australian online discount platform. This acquisition reported over $10 million in revenue and a $1.9 million operating profit before tax for the fiscal year ending June 30, 2024.
In the gaming sector, the company's subsidiary, Meridianbet, has been shortlisted for a sports betting and iGaming license in Brazil. This positions Golden Matrix among the contenders in one of the world's most anticipated gaming markets.
Furthermore, Meridianbet Group has secured a sports-betting license to operate in South Africa, marking a significant step in the company's global expansion strategy.
Golden Matrix has also received shareholder approval for the acquisition of MeridianBet Group, with 73.5% of the voting shares supporting the deal. However, the completion of the MeridianBet acquisition is subject to certain conditions, including the company securing sufficient funding. These are all recent developments in the company's growth strategy.
InvestingPro Insights
Golden Matrix Group's recent shareholder meeting results can be viewed alongside some key financial metrics provided by InvestingPro. The company, with a market capitalization of $287.18 million, is currently trading at $2.32 per share, which is 37% of its 52-week high. This suggests the stock has experienced a significant pullback from its peak.
InvestingPro Tips highlight that GMGI suffers from weak gross profit margins and does not pay a dividend to shareholders. These factors may be important considerations for investors evaluating the company's financial health and shareholder returns, especially in light of the recent board elections and auditor ratification.
The company's price-to-earnings (P/E) ratio stands at -157.9, indicating that GMGI is currently unprofitable. This aligns with the challenges suggested by the weak profit margins mentioned in the InvestingPro Tip. Investors might want to closely monitor the company's future earnings reports, with the next one expected on November 13, 2024, to assess any improvements in profitability.
It's worth noting that GMGI has experienced negative price returns across various time frames, including a -6.45% return over the past year. This performance context adds depth to the shareholder meeting results, as investors may be keen to see how the elected board plans to address these challenges and improve shareholder value.
For those interested in a more comprehensive analysis, InvestingPro offers additional tips and metrics beyond those mentioned here, providing a deeper insight into GMGI's financial position and market performance.
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