Meridian Holdings Pushes $15M MeridianBet Seller Notes to 2031, Drops 7% Interest

The changes took effect on September 28 and were disclosed in a Form 8-K filed with the US Securities and Exchange Commission on October 2. Interest now applies only after an event of default, at the lesser of 12% per year or the maximum rate allowed by law.

Meridian Adds Almost Five Years to the Notes

The $15 million notes were issued to MeridianBet’s former owners as part of the acquisition consideration. Meridian Holdings, then known as Golden Matrix Group, completed the acquisition in April 2024.

The amendments change three key parts of the payment schedule:

• $15 million seller notes. Maturity moves from November 9, 2026 to November 1, 2031.
• Regular interest. The previous 7% annual rate and monthly interest payments are removed.
• Remaining second tranche. $625,672 is also moved to November 1, 2031 and will not accrue interest.

The company has already paid all $10 million of its 12-month non-contingent post-closing consideration and $9.374 million of the next $10 million tranche, using cash or stock.

There is a simple number behind the revised note terms. At 7%, $15 million produces $1.05 million in interest over a full year while the entire principal remains outstanding. It would be misleading to multiply that figure by five and call the result a saving, since the old maturity date was only weeks away. The useful comparison is therefore the annual $1.05 million interest burden under the previous terms.

The size of that maturity is notable against Meridian’s latest reported balance sheet. In its Q2 results, the company reported $17.3 million in cash and cash equivalents at June 30. The $15 million note principal alone is equivalent to about 87% of that quarter-end cash figure, although the company was not required to fund the obligation from cash alone.

Meridian Serbia CEO Salary Falls by $180,000

The same 8-K also covers Zoran Milošević’s employment agreement at Meridian Serbia. His base salary was cut from $396,000 to $216,000 a year, effective January 1, 2026. The difference is $180,000, or 45.5%. A clause providing for a 10% annual increase was deleted.

Meridian reported $26.7 million in total debt at the end of Q2, with net debt at $9.4 million. Its interest expense for the quarter was roughly 80% lower than a year earlier.

MeridianBet generated $35.8 million of revenue during Q2. That was 71% of Meridian Holdings’ total revenue for the period. The amended seller notes relate directly to the business responsible for most of the group’s sales.