In recent transactions, Aleksandar Milovanovic, an investor in Golden Matrix Group, Inc. (NASDAQ:GMGI), acquired a significant amount of the company's common stock. Milovanovic purchased a total of 34,059 shares over two days, with the transactions occurring on October 29 and 30. The shares were bought at prices ranging from $2.30 to $2.45, amounting to a total investment of $82,085.
Following these acquisitions, Milovanovic's direct ownership in Golden Matrix Group increased, with a total of 77,437,970 shares now held. This activity comes amid his status as a member of a 10% reporting group, as indicated in a Nominating and Voting Agreement that includes other key figures and entities associated with the company.
In other recent news, Golden Matrix Group, Inc. has amended its agreement with investor Lind Global Asset Management VIII LLC, altering the terms of a $12 million secured convertible promissory note. The company partially settled an October 2024 amortization payment with $100,000 worth of common stock and $515,000 in cash. Additionally, Golden Matrix has 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, an Australian online discount platform.
The company also announced a change in its leadership, with Weiting 'Cathy' Feng stepping into the CFO role following the departure of Omar Jimenez. Golden Matrix 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.
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. Golden Matrix also 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
As Aleksandar Milovanovic increases his stake in Golden Matrix Group, Inc. (NASDAQ:GMGI), investors might be curious about the company's current market position. According to InvestingPro data, GMGI has a market capitalization of $288.41 million, reflecting its size in the market.
Despite Milovanovic's recent purchases, an InvestingPro Tip indicates that the stock has taken a significant hit over the last six months. This is corroborated by the 6-month price total return of -35.1%, suggesting a challenging period for the company's stock performance.
Another InvestingPro Tip reveals that GMGI does not pay a dividend to shareholders, which might be a consideration for income-focused investors. This information, along with the company's P/E ratio of -157.9, could provide context to Milovanovic's investment decision and the company's current valuation.
For those seeking a more comprehensive analysis, InvestingPro offers additional tips and insights that could shed light on GMGI's financial health and market position. The platform currently lists several more tips that could be valuable for investors considering their position on Golden Matrix Group.
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