Form 4: Golden Matrix Group Insider Converts $2 Million of Convertible Note into Common Stock

Aleksandar Milovanovic, a member of a 10% reporting group for Golden Matrix Group, converted $2 million of a deferred cash convertible promissory note into common stock on September 4, 2024.

Summary

• On September 4, 2024, Aleksandar Milovanovic, a member of a 10% reporting group for Golden Matrix Group, converted $2 million of a deferred cash convertible promissory note into common stock.
• The conversion was executed under the terms of a Deferred Cash Convertible Promissory Note, which allows for conversion into common stock at a price based on either a discounted average closing price or $3.00, with a floor of $2.00 per share.
• Milovanovic now beneficially owns 72,153,911 shares of common stock.
• The Deferred Cash Convertible Promissory Note has a maturity date of December 17, 2025.
• The maximum number of shares issuable upon conversion of the remaining Convertible Note is 402,836.

Sentiment

Score: 6

Explanation: The sentiment is neutral. While the conversion of debt to equity can be seen as positive, it also introduces potential dilution. The overall impact depends on the company's performance and use of funds.

Positives

• The conversion of the note into equity could be seen as a positive signal, indicating confidence in the company's future prospects.

Risks

• The potential dilution of existing shareholders due to the conversion of the promissory note into common stock.

Industry Context

Form 4 filings are standard practice and provide transparency into insider transactions, allowing investors to track ownership changes and potential sentiment shifts within a company.

Stakeholder Impact

• Shareholders may experience dilution due to the issuance of new shares upon conversion of the promissory note.

Key Dates