Aleksandar Milovanovic, a member of the 10% reporting group for Golden Matrix Group, Inc. (NASDAQ:GMGI), has made significant stock purchases recently, according to a Form 4 filing with the SEC. Milovanovic acquired a total of 44,038 shares of common stock over two days, with transactions completed on November 6 and November 7, 2024.
The purchases were executed at prices ranging from $2.62 to $3.06 per share, amounting to a total transaction value of $125,362. Following these acquisitions, Milovanovic's direct ownership in the company stands at 77,532,008 shares.
These transactions reflect Milovanovic's continued investment in Golden Matrix Group, a company known for its prepackaged software services. The purchases are part of a broader Nominating and Voting Agreement, which includes other parties such as the company's CEO, Anthony Brian Goodman, and Luxor Capital LLC. The group collectively holds more than 10% of the company's outstanding shares.
In other recent news, Golden Matrix Group, Inc. has amended its agreement with Lind Global Asset Management VIII LLC, adjusting the terms of a $12 million secured convertible promissory note. The agreement now allows for partial settlement of the October 2024 amortization payment with company stock and cash. The company has also adjusted the conditions concerning its market capitalization.
Continuing on recent developments, Golden Matrix announced the launch of an AI-powered Bet Recommender for its sports betting division, Meridianbet. This tool aims to enhance the betting experience by offering personalized suggestions. The company 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.
In management changes, the company announced the departure of its CFO, Omar Jimenez, with Weiting 'Cathy' Feng, the current COO, stepping into the role. 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.
Furthermore, Meridianbet has been shortlisted for a sports betting and iGaming license in Brazil, and secured a sports-betting license to operate in South Africa. Finally, Golden Matrix received shareholder approval for the acquisition of MeridianBet Group, with 73.5% of the voting shares supporting the deal.
InvestingPro Insights
Aleksandar Milovanovic's recent stock purchases in Golden Matrix Group (NASDAQ:GMGI) come at an interesting time for the company. According to InvestingPro data, GMGI has shown strong short-term performance, with a 23.45% return over the last month and a 25.68% return over the last three months. This positive momentum is further highlighted by an InvestingPro Tip indicating a significant return over the last week, with data showing a 12.05% one-week price total return.
However, investors should note that the stock has faced challenges in the medium term. An InvestingPro Tip points out that the stock has taken a big hit over the last six months, which is corroborated by the data showing a -43.64% six-month price total return. This context makes Milovanovic's purchases particularly noteworthy, as they may signal insider confidence in the company's prospects despite recent volatility.
The company's valuation metrics also provide interesting insights. With a market capitalization of $345.35 million and a P/E ratio of 6.35, GMGI appears to be trading at a relatively modest valuation compared to many tech sector peers. This could suggest potential upside if the company's recent positive momentum continues.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. There are 6 more InvestingPro Tips available for GMGI, which could provide valuable context for understanding the company's financial health and market position.
Aleksandar Milovanovic, a member of the 10% reporting group for Golden Matrix Group, Inc. (NASDAQ:GMGI), has made significant stock purchases recently, according to a Form 4 filing with the SEC. Milovanovic acquired a total of 44,038 shares of common stock over two days, with transactions completed on November 6 and November 7, 2024.
The purchases were executed at prices ranging from $2.62 to $3.06 per share, amounting to a total transaction value of $125,362. Following these acquisitions, Milovanovic's direct ownership in the company stands at 77,532,008 shares.
These transactions reflect Milovanovic's continued investment in Golden Matrix Group, a company known for its prepackaged software services. The purchases are part of a broader Nominating and Voting Agreement, which includes other parties such as the company's CEO, Anthony Brian Goodman, and Luxor Capital LLC. The group collectively holds more than 10% of the company's outstanding shares.
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