Meridian Holdings Inc. has agreed to extend the maturity of $15 million in promissory notes owed to three former owners of its gaming business until November 1, 2031. The company, formerly known as Golden Matrix Group, Inc., disclosed the change in a Form 8-K filed with the Securities and Exchange Commission on September 28, 2026. The amendment removes monthly interest payments and eliminates accruing interest unless a default occurs.
The debt stems from Meridian Holdings' acquisition of the MeridianBet Group, a collection of companies in Serbia, Montenegro, Malta, and Cyprus. The purchase closed on April 9, 2024, effective April 1, 2024. The sellers were Aleksandar Milovanović, Zoran Milošević, and Snežana Božović. Milovanović holds more than 5% of the company's stock, while Milošević serves as Chief Executive Officer of both MeridianBet Group and Meridian Holdings. Božović sits on the board of directors and is an officer of MeridianBet Group.
Under the original terms, the company issued $15 million in notes payable to the sellers. The principal was allocated as $13,125,000 to Milovanović, $1,250,000 to Milošević, and $625,000 to Božović. These notes originally carried a 7% annual interest rate, rising to 12% upon default, with monthly interest payments due until the maturity date. While initially set for April 9, 2026, the notes were previously extended to November 9, 2026.
The new Tenth Amendment to the Sale and Purchase Agreement confirms that all $10 million of the 12-month post-closing cash consideration and $9,374,328 of the 18-month post-closing cash consideration have been paid in cash or stock. The remaining $625,672 of the 18-month consideration is now due by November 1, 2031, or earlier at the company's discretion, without accruing interest.
Simultaneously, the Second Amendment to Promissory Notes extends the due date for the entire $15 million principal to November 1, 2031. The amendment stops the notes from accruing interest unless a default event occurs. In that case, the principal would accrue interest at the lesser of 12% per annum or the maximum rate allowed by law. The requirement for monthly interest payments has been removed.
The filing also reports a change in financial leadership effective October 2, 2026. Zhe 'Scott' Yan, previously the financial accounting manager, was promoted to Chief Accounting Officer, Principal Financial Officer, and Principal Accounting Officer. William Scott, who served as President, Chief Financial Officer, Treasurer, and Chairman of the Board, stepped down from the roles of Principal Financial Officer and Principal Accounting Officer but retains his other positions.