Company: LTRYW
Filing Date: 2025-11-20
Form Type: 10-Q
Source: 0001493152-25-024384
Chunk: 281

Company: Lottery.com Inc.
Filing Date: 2025-11-20
Form: 10-Q
Item: Part I, Item 2
Chunk 281
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 the Company to enter into the UCIL Loan Agreement followed an acknowledgment by the Company that it had not received the requisite
funding that it expected from Woodford on a timely basis, despite the Company making several requests to Woodford for said funding under
the Woodford Loan Agreement. Moreover, the Board of Directors determined that it was in the best interest of the Company and its stockholders
to enter into the UCIL Loan Agreement with UCIL, as an alternative lender to Woodford, upon receiving an event of default notice on July
21, 2023 (the “Default Notice”) and an event of default and crystallization notice on July 25, 2023 (the “Crystallization
Notice”) from Woodford under the Woodford Loan Agreement. Neither McGahan or Battles 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