Form 4: Golden Matrix Insider Converts Debt to Equity

Zoran Milosevic, CEO of Meridian Subsidiaries, converted $30,000 of cash consideration into 22,556 shares of Golden Matrix Group common stock at $1.33 per share.

Summary

• Zoran Milosevic, CEO of Meridian Subsidiaries and a member of a 10% reporting group, acquired 22,556 shares of Golden Matrix Group, Inc. common stock.
• The acquisition occurred on August 21, 2025, through the conversion of $30,000 in 12 Month Non-Contingent Post-Closing Cash Consideration.
• The conversion price was $1.33 per share.
• Following this transaction, Milosevic beneficially owns 9,080,220 shares of common stock, excluding shares related to the voting group.
• The conversion was pursuant to a Post-Closing Cash Consideration Conversion Agreement dated August 21, 2025, related to an Amended and Restated Sale and Purchase Agreement of Share Capital dated June 27, 2023.

Sentiment

Score: 7

Explanation: The conversion of cash consideration into equity by a key insider suggests confidence in the company's future, which is generally a positive signal. However, the transaction itself is a pre-arranged conversion rather than a new investment, making it less impactful than an open market purchase.

Positives

• An insider, Zoran Milosevic, is increasing his direct equity stake in Golden Matrix Group, Inc., which can signal confidence in the company's future prospects.
• The conversion of cash consideration into equity reduces the company's future cash outflow obligations to the reporting person.

Risks

• The reporting person is part of a "group" for Section 13(d) purposes, which collectively owns more than 10% of the outstanding shares, potentially indicating concentrated ownership and influence.
• The reporting person disclaims beneficial ownership and pecuniary interest in securities owned by other signatories to the Voting Agreement, which could lead to complexities in assessing overall insider holdings and control.

Future Outlook

The filing does not provide explicit forward-looking statements or guidance, but the insider's conversion of cash consideration into equity could be interpreted as a positive signal regarding future company performance.

Management Comments

• The Reporting Person disclaims beneficial ownership of any securities owned by any of the other signatories to the Voting Agreement (and/or their control persons) and the filing of this Form 4 shall not be deemed an admission, for purposes of Section 16 of the Exchange Act or otherwise, that the Reporting Person and any other person or persons constitute a 'group' for purposes of Section 13(d)(3) of the Exchange Act or Rule 13d-5 thereunder.
• In addition, the Reporting Person does not have any pecuniary interest in any of the securities beneficially owned by any of the other signatories to the Voting Agreement (and/or their control persons).

Industry Context

This Form 4 filing indicates an insider's decision to increase their equity stake in Golden Matrix Group, a company operating in the gaming and online casino software industry. Such conversions are common for executives who receive compensation or consideration in various forms, and opting for equity over cash can reflect confidence in the company's long-term value in a competitive and evolving digital entertainment market.

Corporate Governance

Related Party Transactions

• The conversion of $30,000 of 12 Month Non-Contingent Post-Closing Cash Consideration owed to Zoran Milosevic by the Issuer into common stock is a related party transaction, as Milosevic is an officer and part of a 10% reporting group.
• The underlying Amended and Restated Sale and Purchase Agreement of Share Capital (June 27, 2023) and the Amended and Restated Nominating and Voting Agreement (January 29, 2025) also involve related parties (e.g., CEO, other significant shareholders).

Stakeholder Impact

• Shareholders: The conversion increases the equity stake of a key insider, potentially aligning management's interests more closely with shareholders. However, it also results in minor dilution from the issuance of new shares. The existence of a voting group could influence corporate control.
• Creditors: The conversion of cash consideration into equity reduces a future cash obligation, which could be seen as a minor positive for the company's liquidity and balance sheet from a creditor's perspective.

Next Steps

• Monitor future SEC filings (e.g., Form 8-K, 10-Q, 10-K) from Golden Matrix Group, Inc. for further strategic updates or financial performance.
• Review the Current Report on Form 8-K filed by the Issuer on January 30, 2025, for a detailed description of the Amended and Restated Nominating and Voting Agreement.

Key Dates

Recommendation

This Form 4 reports a pre-arranged conversion of cash consideration into equity by an insider, Zoran Milosevic. While an insider increasing their equity stake can be a positive signal of confidence, this is not an open market purchase based on new information. The transaction is a fulfillment of a prior agreement and does not introduce new fundamental data to warrant a change in investment thesis. Therefore, a 'hold' recommendation is appropriate, maintaining current positions while monitoring future developments.

Keywords

Golden Matrix Group, GMGI, Zoran Milosevic, Insider Trading, Form 4, Equity Conversion, Meridian Subsidiaries, Beneficial Ownership, SEC Filing, Stock Acquisition