On May 6, 2019, Galaxy Gaming, Inc. (the “Company”), in accordance with the Company’s Articles of Incorporation, and based on the Board
of Directors' findings and resolutions, redeemed and cancelled all of the shares of the Company’s common stock held by Triangulum Partners, LLC (23,271,667 shares) (the “Triangulum Shares”) in exchange for a promissory note in the face amount of
Also on May 6, 2019, the Company filed a lawsuit seeking (i) a declaratory judgment that the Galaxy acted lawfully and in full
compliance with its Articles of Incorporation when it redeemed the Triangulum Shares and (ii) certain remedies for breach of fiduciary duty and breach of contract by Triangulum Partners, LLC and its Managing Member, Robert B. Saucier. The suit
alleges that the redemption and the other relief sought by the Company are appropriate because of, among other things, the failure of Mr. Saucier to cooperate with the Company’s gaming regulatory efforts in Nevada, California and certain other
Galaxy Gaming, Inc. v. Triangulum Partners, LLC, Robert B. Saucier,
, Clark County, Nevada district court (Case No. A-19-794293-B).
The information furnished on this Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of
1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by
specific reference in such a filing.