Company: LTRYW
Filing Date: 2025-04-09
Form Type: 10-K/A
Source: 0001641172-25-003412
Chunk: 11

Company: Lottery.com Inc.
Filing Date: 2025-04-09
Form: 10-K/A
Chunk 11
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 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 units (“Units”) up to $1,000,000; each Unit 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”) in order for investors placed by it to purchase shares of common stock of the Company, par value $0.001 per share (the “Common Stock”). Each Unit under the Offering includes specific registration rights (“Registration Rights”), for each investor obtained 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 remain the same. The Securities shall be offered and sold
pursuant to Section 4(a)(2) under the