Recently, Golden Matrix Group announced that its board of directors has approved a stock repurchase program.
The program allows for the repurchase of up to 5 million dollars of the company's common stock, and it is expected to fund this using the company's working capital.
Overall, the program aims to provide a range of different benefits, as outlined by Golden Matrix CEO Anthony Brian Goodman: "We believe the repurchase program could bring many benefits to the company and its shareholders.
"These measures include potentially helping to offset short interest in the company’s common stock, mitigating the oversupply situation in the market for the company’s common stock, repurchasing shares attractively priced at current market prices, returning capital to shareholders in a more tax-efficient manner compared to announcing cash dividends, and increasing earnings per share."
These stocks can be repurchased periodically on the open market or through negotiated transactions at prevailing market prices, in compliance with federal securities laws.
The repurchase decision will be made independently by the management, considering factors such as stock availability, general market conditions, transaction prices, alternative capital allocations, and the financial performance of the company.
Earlier this month, Golden Matrix Group announced that its revenue for the second quarter of 2024 exceeded 39 million dollars, the highest quarterly revenue recorded to date.
