Company: LTRYW
Filing Date: 2025-05-21
Form Type: 10-Q
Source: 0001641172-25-011865
Chunk: 25

Company: Lottery.com Inc.
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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Public Warrants became exercisable 30 days after the Closing; the Company has an effective registration statement under the Securities
Act covering the shares of common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available
(or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration
under the Securities Act). The S-1 registration became effective November 24, 2021. The Public Warrants will expire five years after
October 29, 2021, which was the completion of the TDAC Combination or earlier upon redemption or liquidation.

The
Company may redeem the Public Warrants:

  in                      

  at                             

  upon                                                       

  if,                                                                                           

  if,                                                                                                

  F-21  

If
the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the
Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. These warrants cannot be net cash
settled by the Company in any event.

After
giving effect to the Business Combination, as of March 31, 2025 there were Public Warrants outstanding for the issuance of 20,125,000
shares of common stock of the Company, which total includes previously issued warrants of AutoLotto, now warrants of Lottery. com Inc.,.
In addition other warrants from 2015 and 2018

An
adjustment was made to the Company’s warrants based on the 1-for-20 split ratio. The adjustment was made automatically. The number
of shares of common stock issued subject to stock options, warrants, or convertible securities was automatically decreased by the split
ratio and the exercise price or conversion ratio will automatically be proportionately increased by the same split ratio.

Private
Warrants

Private
warrants of TDAC issued before the business combination were forfeited and did not transfer to the surviving entity.

Unit
Purchase Option

On
June 1, 2018, the Company sold to the underwriter (and its designees), for $100, an option to purchase up to a total of 87,500 Units
exercisable at $240.00 per Unit (or an aggregate exercise price of $21,000,000) commencing on the consummation of the Business Combination.
The 87,500 Units represents the right to purchase 87,500 shares