Company: LTRYW
Filing Date: 2025-11-20
Form Type: 10-Q
Source: 0001493152-25-024384
Chunk: 145

Company: Lottery.com Inc.
Filing Date: 2025-11-20
Form: 10-Q
Item: Part I, Item 8
Chunk 145
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 participated in the vote on the UCIL agreement
to ensure proper independence and correct corporate governance. On July 24, 2023, the Company responded to the Default Notice disputing
that an event of default had occurred given the Company’s earlier announcement that UCIL had agreed to enter into a funding arrangement
with the Company. On July 27, 2023, the Company replied to the Crystallization Notice denying that an event of default occurred or continued,
and further asserted that Woodford’s attempt for crystallization was inappropriate and unlawful under the Woodford Loan Agreement.
Given the uncertainty of the continued financing under the Woodford Loan Agreement, the Board of Directors sought to secure and formalize
the Company’s alternative funding by entering into the UCIL Loan Agreement.

Placement
Agent Agreement with Univest Securities, LLC

As
reported on form 8-K filed with the SEC on February 6, 2024, on December 6, 2023, the Company entered into a placement agent agreement
(the “Placement Agent Agreement”) with Univest Securities, LLC (the “Placement Agent”), whereby the Placement
Agent agreed to act as placement agent in connection with the Company’s offering (“Offering”) of convertible debt with
warrant coverage at 50% up to $1,000,000; consisting of a convertible promissory note (each, a “Convertible Note” 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

The
Business Combination Agreement, executed on February 21, 2021, facilitated the merger of Trident Merger Sub II Corp. into AutoLotto,
with AutoLotto surviving as a wholly owned subsidiary of Trident Acquisitions Corp., which