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Golden Matrix Group director Thomas McChesney sells shares worth $27,250

Published 11/22/2024, 06:03 PM
GMGI
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LAS VEGAS—Thomas McChesney, a director at Golden Matrix Group, Inc. (NASDAQ:GMGI), recently reported selling a total of 10,000 shares of the company's common stock. The transactions took place over two days, on November 21 and November 22, 2024. McChesney sold the shares at prices ranging from $2.71 to $2.74 per share, resulting in a total transaction value of approximately $27,250.

Following these sales, McChesney retains ownership of 229,397 shares in the company. The sales were executed in multiple transactions, with the first batch of 5,000 shares sold at prices between $2.70 and $2.74, and the second batch of 5,000 shares sold at prices ranging from $2.67 to $2.80. McChesney has committed to providing detailed information about the specific prices of these transactions upon request.

Golden Matrix Group, based in Las Vegas, is known for its services in the prepackaged software industry.

In other recent news, Golden Matrix Group has made notable changes to its financial strategy by amending its agreement with Lind Global Asset Management. The company has partially settled an amortization payment with its common stock and cash. The company's market capitalization clause has also been revised, providing Golden Matrix with additional time to maintain its market value above a certain threshold.

In addition to financial adjustments, Golden Matrix has seen significant operational developments. The company has launched an AI-powered Bet Recommender for its sports betting division, Meridianbet. It has also acquired an 80% controlling stake in Classics for a Cause Pty Ltd, an Australian online discount platform that reported over $10 million in revenue and a $1.9 million operating profit before tax for the fiscal year ending June 30, 2024.

Golden Matrix has also announced the departure of its CFO, Omar Jimenez, with Weiting 'Cathy' Feng, the current COO, stepping into the role. The company's shareholders have elected four directors and ratified the appointment of M&K CPAS, PLLC as their independent registered public accounting firm for the fiscal year ending December 31, 2024.

In the gaming sector, Meridianbet has been shortlisted for a sports betting and iGaming license in Brazil and secured a sports-betting license to operate in South Africa. Lastly, Golden Matrix has received shareholder approval for the acquisition of MeridianBet Group, with 73.5% of the voting shares supporting the deal. These are all recent developments in the company's growth strategy.

InvestingPro Insights

While Thomas McChesney's recent share sales might raise eyebrows, it's essential to consider Golden Matrix Group's broader financial picture. According to InvestingPro data, GMGI's market capitalization stands at $357.06 million, with a notably low P/E ratio of 6.24, suggesting the stock may be undervalued relative to its earnings.

The company has shown impressive revenue growth, with a 84.57% increase in the most recent quarter. This robust growth aligns with an InvestingPro Tip highlighting GMGI's significant return over the last week and strong return over the last month, with the stock price rising 8.43% and 21.08% respectively.

However, investors should note that GMGI operates with a moderate level of debt and suffers from weak gross profit margins, as pointed out by InvestingPro Tips. These factors may explain why the stock is currently trading at only 43.06% of its 52-week high, despite recent positive momentum.

For those interested in a deeper analysis, InvestingPro offers 6 additional tips for GMGI, providing a more comprehensive view of the company's financial health and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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