Golden Matrix Group, Inc. (NASDAQ:GMGI), a developer of prepackaged software with a market capitalization of $283 million, announced on Monday the approval of new compensatory arrangements for its top executives and board members.
The Las Vegas-based company, currently trading at $2.19 per share with a P/E ratio of 5.1, detailed the grant of restricted stock units (RSUs) and contingent cash bonuses tied to performance metrics through the end of 2025. According to InvestingPro data, the company has shown significant momentum with a 10.6% return over the past week.
CEO Anthony Brian Goodman and Zoran Milošević, CEO of the company's wholly-owned subsidiaries, each received 300,000 RSUs and a contingent cash bonus of $300,000. Weiting ‘Cathy’ Feng, the COO and CFO, along with Snežana Božović, Corporate Secretary of MeridianBet Group, were granted 75,000 RSUs and a $75,000 bonus each.
Additionally, each independent board member was awarded 30,000 RSUs and a $30,000 cash bonus. These incentives are contingent upon the company meeting specific revenue and adjusted EBITDA targets for the year ending December 31, 2025, and require the recipients to remain with the company through the vesting dates.
The board, advised by the Compensation Committee, also approved RSU grants to various other employees, including 50,000 RSUs to Brett Goodman, part of the management team at Global Technology Group Pty Ltd, a subsidiary of Golden Matrix, and the son of CEO Anthony Brian Goodman.
Golden Matrix's move to tie executive compensation to performance metrics reflects a growing trend among companies to align leadership interests with those of shareholders. InvestingPro analysis reveals that while the company has experienced a 20.9% decline over the past six months, its current trading price remains 18% above its 52-week low of $1.86.
In other recent news, Golden Matrix Group reported a 61% increase in revenue for fiscal year 2024, reaching $150 million compared to the previous year's $93 million. This growth is attributed to the company's performance across key markets and an expanded portfolio of sports and iGaming offerings. Golden Matrix also reported record-breaking Q3 2024 revenue of $41 million, marking an 85% increase compared to the same period last year.
The company has also initiated the process for a B2B Gaming License registration in Ontario, Canada, and is anticipating the approval of a gaming license in Brazil. Furthermore, Golden Matrix has entered an equity distribution agreement with Craig-Hallum Capital Group LLC, potentially selling up to $20 million of its common stock.
In addition, Golden Matrix has amended its agreement with Lind Global Asset Management VIII LLC, modifying the terms of a $12 million secured convertible promissory note. These are the most recent developments in the company's operations.
Analysts from InvestingPro have been following these developments closely, providing insights and analysis to investors. However, the final audited financial results for fiscal year 2024 are still subject to finalization and an audit, expected to be released in March 2025.
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