Company: LTRYW
Filing Date: 2025-04-11
Form Type: S-1
Source: 0001641172-25-003901
Chunk: 81

Company: Lottery.com Inc.
Filing Date: 2025-04-11
Form: S-1
Chunk 81
---
3, subject to the satisfaction of certain conditions, which the Company met in a timely manner.

In addition to the above, there are other requirements to be met in order to maintain a continued listing on The Nasdaq Global Market. These requirements include requiring that the Company maintain at least $10 million in stockholders’ equity, $5 million of Market Value of Publicly Held Shares (MVPHS) listed securities and having a majority of independent directors.

| 38 |

As reported on form 8-K filed on December 7, 2023, on November 29, 2023, the Company received a letter from Nasdaq stating that based upon its review of the Company’s Market Value of Publicly Held Shares (“MVPHS”) for the last 30 consecutive business days, the Company no longer met the minimum requirement of $5,000,000 in MVPHS set forth in Nasdaq Listing Rule 5450(b)(1)(C). However, under the Listing Rules, the Company was provided a 180-calendar day grace period to regain compliance, through May 28, 2024.

If at any time during the compliance period the Company’s MVPHS closed at $5,000,000 or more for a minimum of ten consecutive business days, Nasdaq would provide written confirmation of compliance and the matter would be closed. The Company met this requirement, notified Nasdaq and on April 10, 2024 received written notification from Nasdaq confirming that the Company has regained compliance with Nasdaq Listing Rule 5450(b)(1)(C) and the matter is now closed.

Furthermore, the requirement that we maintain a majority of independent directors and at least three members on our audit committee are Nasdaq requirements that we currently meet but have not met from time to time.

On
November 20, 2024, the Company received a notice from The Nasdaq Stock Market LLC indicating that, as a result of not having timely filed
the Form 10-Q for the period ended September 30, 2024 with the SEC, the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1)
(the “Listing Rule”), which requires timely filing of all required periodic financial reports with the SEC. On December 20,
2024, the Company received a letter from Nasdaq indicating that, as a result of the December 16, 2024 filing of its Form 10-Q for the
period ended September 30, 2024 with the SEC, the Company is