Company: LTRYW
Filing Date: 2025-04-09
Form Type: 10-K/A
Source: 0001641172-25-003412
Chunk: 113

Company: Lottery.com Inc.
Filing Date: 2025-04-09
Form: 10-K/A
Chunk 113
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ended its Charter to implement, effective at 5:30 p.m., Eastern time, a 1-for-20 Reverse Stock Split. At the effective time of the Reverse
Stock Split, every 20 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. In addition, as a result of the Reverse Stock Split, proportionate adjustments will be made to the number of shares
of common stock underlying the Company’s outstanding equity awards, the number of shares issuable upon the exercise of the Company’s
outstanding warrants and the number of shares issuable under the Company’s equity incentive plans and certain existing agreements,
as well as the exercise, grant and acquisition prices of such equity awards and warrants, as applicable. The Reverse Stock Split was approved
by the Company’s stockholders at the Company’s 2023 Annual Meeting of Stockholders on August 7, 2023 and was subsequently
approved by the Board of Directors on August 7, 2023.

The
effects of the Reverse Stock Split were reflected in the Quarterly Report on Form 10-Q for the period ended September 30, 2023 and
in all subsequent reports for all periods presented.

International Expansion

In June 2021, we closed the acquisition of Global Gaming, which holds 80% of the equity of each of Aganar and JuegaLotto. Aganar operates in the licensed Online Lottery market in Mexico and is licensed to sell Mexican National Lottery draw games, instant win tickets, and other games of chance online with access to a federally approved online casino and sportsbook gaming license. JuegaLotto is licensed by Mexico authorities to commercialize international lottery games in Mexico through an authorized gaming portal and to commercialize games of chance in other countries throughout Latin America. As of the date of this Amended Report, according to Statista, the estimated size of the Latin American lottery market is $.68 billion with a compound annual growth rate projected at 6.05% through 2028. Furthermore, it is projected that there will be 3,000,000 online lottery players in the South American lottery market alone by 2028. Based on these projections, we believe these acquisitions will provide opportunities for growth of