10:54 AM EDT, 09/10/2024 (MT Newswires) -- Golden Matrix Group ( GMGI ) said Tuesday that the founder of its Meridianbet unit, Aleksandar Milovanovic, will convert $2 million of debt owed to him into company equity.

This reduces the debt from $2.8 million to $805,671, the company said, adding that the move shows Milovanovic's confidence in Golden Matrix ( GMGI ).

The company said the conversion improves its net debt leverage and aligns key stakeholders' interests with its long-term targets for growth.

Shares of Golden Matrix ( GMGI ) rose 3.1% in recent trading.

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