Company: LTRYW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001641172-25-024882
Chunk: 147

Company: Lottery.com Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 147
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 or collectively,
the “Convertible Notes”), and a common stock purchase warrant (each, a “Warrant”, or collectively, the “Warrants”)
to purchase shares of common stock of the Company, par value $0.001 per share (the “Common Stock”) which include specific
registration rights (“Registration Rights”), directly to one or more investors (each, an “Investor” and, collectively,
the “Investors”) through the Placement Agent.

On
February 1, 2024, the parties agreed to increase the offering amount from $1,000,000 to $5,000,000. All other terms and conditions of
the offering remained the same. The Securities shall be offered and sold pursuant to Section 4(a)(2) under the Securities Act of 1933,
as amended (the “Securities Act”).

Business
Combination

On
October 29, 2021, we, as AutoLotto, Inc (“AutoLotto”), consummated the Business Combination with Trident Acquisitions
Corp. (“TDAC” and after the Business Combination described herein, the “Company”), pursuant to the terms of
that certain Business 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 could have been 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 was eligible to receive its pro
rata portion of 150,000 Seller Earnout Shares and each Founder Holder was eligible to receive one-third of 100,000 Founder Holders
Earnout Shares, subject to adjustments in the normal course of business. Conditions for the Earnout Shares were not met and all of
the potential Earnout Shares were forfeited.

Board
of Directors

On
May 13,