Company: LTRYW
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001493152-25-002444
Chunk: 293

Company: Lottery.com Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 293
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 Combination Agreement, dated as of February 21, 2021 (the “Business Combination Agreement”), by and among TDAC, Trident Merger Sub II Corp., a wholly-owned subsidiary of TDAC (“Merger Sub”) and AutoLotto. Pursuant to the terms of the Business Combination Agreement, Merger Sub merged with and into AutoLotto with AutoLotto surviving the merger as a wholly owned subsidiary of TDAC, which was renamed “Lottery.com Inc.” The aggregate value of the consideration paid by TDAC to the holders of AutoLotto common stock in the Business Combination (excluding shares that may be issued to former AutoLotto stockholders (the “Sellers”) as earnout consideration) was approximately $440 million, consisting of approximately 2,000,000 shares of common stock valued at $220.00 per share. In addition, each Seller shall receive its pro rata portion of 150,000 Seller Earnout Shares and each Founder Holder shall receive one-third of 100,000 Founder Holders Earnout Shares, subject to adjustments in the normal course of business.

Reverse Stock Split

On August 9, 2023, the Company
amended its Charter to implement, effective at 5:30 p.m., Eastern time, a 1-for-20 Reverse Stock Split. At the effective time of the Reverse
Stock Split, every 20 shares of common stock either issued and outstanding or held as treasury stock were automatically combined into
one issued and outstanding share of common stock, without any change in the par value per share. Stockholders who would have otherwise
been entitled to fractional shares of common stock as a result of the Reverse Stock Split received a cash payment in lieu of receiving
fractional shares. In addition, as a result of the Reverse Stock Split, proportionate adjustments will be made to the number of shares
of common stock underlying the Company’s outstanding equity awards, the number of shares issuable upon the exercise of the Company’s
outstanding warrants and the number of shares issuable under the Company’s equity incentive plans and certain existing agreements,
as well as the exercise, grant and acquisition prices of such equity awards and warrants, as applicable. The Reverse Stock Split was approved
by the Company’s stockholders at the Company’s 2023 Annual Meeting of Stockholders on August 7, 2023 and was subsequently
approved by the Board of Directors on August 7, 2023.

The
effects of the Reverse Stock Split were reflected in the Quarterly Report