Company: LTRYW
Filing Date: 2025-11-20
Form Type: 10-Q
Source: 0001493152-25-024384
Chunk: 282

Company: Lottery.com Inc.
Filing Date: 2025-11-20
Form: 10-Q
Item: Part I, Item 2
Chunk 282
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 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 was subsequently renamed Lottery.com Inc.
The transaction involved an aggregate consideration of approximately $440 million, comprising 200,000 shares of common stock valued at
$2,200.00 per share. Additionally, the agreement provided for potential earnout shares for both Sellers and Founder Holders, subject
to specific conditions. However, these conditions were not met, resulting in the forfeiture of all potential earnout shares.

Board
of Directors

On
May 13, 2025, the Board of Directors of the Company appointed Mr. Marc Bircham as a member of its Board of Directors. Mr. Bircham also
serves as Executive Director of Sports.com. He is a seasoned executive, entrepreneur, and former international footballer with a dynamic
career that spans professional sports, business development, and strategic leadership. In his career, Marc has spearheaded international
growth, led complex acquisition projects, and forged high-value partnerships across the sports and entertainment industries.

Mr.
Bircham is eligible to participate in the Company’s equity compensation plans commensurate with all other Directors.

Reverse
Stock Splits

On
August 28, 2025, the Company amended its Charter to implement, effective at 5:30 p.m., Eastern time, a 1-for-10 Reverse Stock Split.
At the effective time of the Reverse Stock Split, every 10 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.