Feb. 26 at 10:22 PM
$GMGI ... the last reverse split was 150-1 at that time, just to qualify for uplisting to Nasdaq. They had lots of debt, were bringing in roughly 40 million per year in revenues, and well before acquiring MeridianBet for a lot of cash considerations over a couple of years and a huge block of GMGI stock. After that 150-1 reverse split, the price started trading around
$2.85 and within a few months, rose to
$14.00. MeridianBet became the main shareholder, but left Brian Goodman as CEO. The cash consiserations in the range of
$18-25 million per year was taken as shares, for the most part, each and every time it came due, based on the market price. If I remember correctly, the MeridianBet CEO and others from their organization started getting shares in lieu of cash, priced around
$2.50 per share, all the way down to around
$1.00... it's all in previous filings, but that made MeridianBet's stock holdings at around 85% of all outstanding shares... continued...
