Company: LTRYW
Filing Date: 2025-04-25
Form Type: S-1/A
Source: 0001641172-25-006093
Chunk: 107

Company: Lottery.com Inc.
Filing Date: 2025-04-25
Form: S-1/A
Chunk 107
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 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
protracted 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.

A total of $697,000
has been received from UCIL. $682,000 has been converted from debt to equity and the balance as of December 31, 2024 for
investors placed by UCIL is $15,000.

Placement Agent Agreement withUnivest 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 includes specific registration rights (“Registration Rights”), directly to one or more investors (each