Company: LTRYW
Filing Date: 2025-04-21
Form Type: 10-K
Source: 0001641172-25-005487
Chunk: 137

Company: Lottery.com Inc.
Filing Date: 2025-04-21
Form: 10-K
Item: Item 8
Chunk 137
---
’ Equity

Reverse
Split

On
August 9, 2023, the Company amended
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.

An adjustment was made
to the Company’s warrants based on the 1-for-20
split ratio. The adjustment was made automatically. The number of shares of common stock issued subject to stock options, warrants,
or convertible securities was automatically decreased by the split ratio and the exercise price or conversion ratio will automatically
be proportionately increased by the same split ratio.

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.

Preferred
Stock

Pursuant
to the Company’s charter, the Company is authorized to issue 1,000,000 shares of preferred stock, par value $0.001 per share. Our
board of directors has the authority without action by the stockholders, to designate and issue shares of preferred stock in one or more
classes or series, and the number of shares constituting any such class or series, and to fix the voting powers, designations, preferences,
limitations, restrictions and relative rights of each class or series of preferred stock, including, without limitation, dividend rights,
conversion