Golden Matrix Files for $10 Million Nasdaq IPO

Social gaming, esports and white-label solutions supplier Golden Matrix Group has filed with the SEC to raise up to $10m in an initial public offering on the National Association of Securities Dealers Automated Quotations (Nasdaq).

The business – which currently trades over the counter – plans to list on the Nasdaq under the ticker symbol GMGI, with Kingswood Capital Markets being the sole bookrunner on the deal. Details regarding pricing are as of yet undisclosed.

The social gaming solutions provider had over 3.5 million registered players as of January 2021, as well as over 400 casino and live game operations.

Golden Matrix posted $1.6m of revenue for the first nine months of 2020 and $346,000 worth of income.

In addition to general corporate purposes, the business said in its prospectus that it intends to use the proceeds from this offering to fund any future investments, as well as furthering internal product development.

It may also use the funds to finance acquisitions, though it has not agreed any specific deals yet.

Golden Matrix secured a deal last year with Playtech under which the gambling technology giant may distribute Golden Matrix’s peer-to-peer (P2P) esports betting games.

(Photo: Stephen Chernin/Getty Images News, via acorns)

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