Aleksandar Milovanovic, a member of the 10% reporting group at Golden Matrix Group, Inc. (NASDAQ:GMGI), recently acquired 50,000 shares of the company's common stock. The purchases, made on October 31 and November 1, were executed at prices ranging from $2.35 to $2.51 per share, totaling approximately $121,500. Following these transactions, Milovanovic holds 77,487,970 shares directly.
The transactions are part of a larger Nominating and Voting Agreement involving several parties, including the company's CEO, Anthony Brian Goodman, and Luxor Capital LLC. This agreement collectively holds over 10% of Golden Matrix's outstanding shares. However, Milovanovic disclaims beneficial ownership of any shares owned by other parties in the agreement.
In other recent news, Golden Matrix Group has made significant strides in its financial and operational strategies. The software services company amended the terms of a $12 million secured convertible promissory note with Lind Global Asset Management VIII LLC. This included a partial settlement of the October 2024 amortization payment with $100,000 worth of the company's common stock and $515,000 in cash, as well as a revision to the events of default concerning the company's market capitalization.
Golden Matrix also announced the departure of its CFO, Omar Jimenez, with current COO, Weiting 'Cathy' Feng, stepping into the role. Furthermore, the company's shareholders 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.
The company unveiled an AI-powered Bet Recommender for its sports betting division, Meridianbet, and acquired an 80% controlling stake in Classics for a Cause Pty Ltd, which reported over $10 million in revenue and a $1.9 million operating profit before tax for the fiscal year ending June 30, 2024. 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 received shareholder approval for the acquisition of MeridianBet Group, with 73.5% of the voting shares supporting the deal. These recent developments highlight Golden Matrix's ongoing commitment to its investors and its growth strategy.
InvestingPro Insights
In light of Aleksandar Milovanovic's recent share acquisition, it's worth noting some key financial metrics for Golden Matrix Group (NASDAQ:GMGI). The company currently has a market capitalization of $308.22 million, reflecting its size in the market.
Interestingly, GMGI has shown a significant return of 7.79% over the last week, which aligns with the timing of Milovanovic's purchases. This recent uptick comes despite the stock taking a substantial hit over the last six months, with a price total return of -40.71% during that period.
InvestingPro Tips highlight that GMGI suffers from weak gross profit margins, which could be a concern for potential investors. Additionally, the company does not pay a dividend to shareholders, which may impact its attractiveness to income-focused investors.
These insights provide context to Milovanovic's decision to increase his stake in the company. Investors seeking a more comprehensive analysis can find 3 additional tips on InvestingPro, offering a deeper understanding of GMGI's financial health and market position.
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