Company: LTRYW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001641172-25-024882
Chunk: 286

Company: Lottery.com Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 2
Chunk 286
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,
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, 2025, the Board of Directors of the Company appointed Mr. Marc Bircham as a member of its Board of Directors. Mr. Bircham will
also serve 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 Split

On
August 9, 2023, the Company amended its Charter to implement, effective at 5:30 p.m., Eastern time, a 1-for