Meridian Extends $15M Seller Notes to 2031, Strips Interest
Company Background
Meridian Holdings (NASDAQ: MRDN), formerly Golden Matrix Group, is a Las Vegas-based B2B and B2C gaming company operating across more than 20 regulated markets. Its principal operating asset is MeridianBet Group, a Balkan-founded online sports betting and gaming operator acquired in April 2024 for consideration that included upfront cash, deferred payments, and $15 million in seller promissory notes. Full-year 2025 revenue was $182.9 million, though a $91.8 million non-cash goodwill impairment drove a $88.4 million reported net loss. The company took a 1-for-12 reverse stock split in March 2026 and changed its name from Golden Matrix Group to Meridian Holdings simultaneously.
Operationally, the business has improved over 2026. Revenue was $50.1 million in Q1 and $50.2 million in Q2, each quarter producing GAAP net income attributable to shareholders of roughly $2.2 million — the company's first sustained GAAP profitability since the MeridianBet acquisition closed. Net debt stood at $9.4 million as of June 30, 2026, with leverage of 0.39x annualized adjusted EBITDA, and the company generated $12.95 million in operating cash flow in the first half of the year.
The company has been through significant leadership change since late 2025. CEO Anthony Goodman departed in December 2025, followed by CFO Rich Christensen in July 2026. Zoran Milošević — who has led MeridianBet Group for more than 18 years and is one of the original sellers of that business — was appointed Meridian Holdings CEO on July 31, 2026. William Scott, the Executive Chairman who had served as interim CEO, moved to a combined President/CFO/Chairman role. Aleksandar Milovanović, the primary seller of MeridianBet and the largest creditor under the $15 million notes, remains the company's majority shareholder with voting control.
What Was Disclosed
On September 28, 2026, Meridian Holdings and the three original MeridianBet sellers — Aleksandar Milovanović, Zoran Milošević, and Snežana Božović — entered into a Tenth Amendment to the MeridianBet purchase agreement and a Second Amendment to Promissory Notes. The Tenth Amendment confirms that all $10 million of 12-month post-closing consideration and $9,374,328 of 18-month post-closing consideration have been paid to the sellers, then extends the remaining $625,672 in 18-month consideration to November 1, 2031, without interest. The Second Amendment extends the maturity of all three promissory notes — originally totaling $15 million, split $13,125,000 to Milovanović, $1,250,000 to Milošević, and $625,000 to Božović — from November 9, 2026 to November 1, 2031, eliminates all interest accrual, and removes the monthly cash interest payment requirement. If an event of default occurs, the notes revert to interest at the lesser of 12% per annum or the maximum legal rate.