Company: LTRYW
Filing Date: 2025-11-20
Form Type: 10-Q
Source: 0001493152-25-024384
Chunk: 146

Company: Lottery.com Inc.
Filing Date: 2025-11-20
Form: 10-Q
Item: Part I, Item 8
Chunk 146
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 was subsequently renamed Lottery.com Inc.
The transaction involved an aggregate consideration of approximately $440 million, comprising 200,000 shares of common stock valued at
$2,200.00 per share. Additionally, the agreement provided for potential earnout shares for both Sellers and Founder Holders, subject
to specific conditions. However, these conditions were not met, resulting in the forfeiture of all potential earnout shares.

Board
of Directors

On
May 13, 2025, the Board of Directors of the Company appointed Mr. Marc Bircham as a member of its Board of Directors. Mr. Bircham also
serves as Executive Director of Sports.com. He is a seasoned executive, entrepreneur, and former international footballer with a dynamic
career that spans professional sports, business development, and strategic leadership. In his career, Marc has spearheaded international
growth, led complex acquisition projects, and forged high-value partnerships across the sports and entertainment industries.

Mr.
Bircham is eligible to participate in the Company’s equity compensation plans commensurate with all other Directors.

Reverse
Stock Splits

On
August 28, 2025, the Company amended its Charter to implement, effective at 5:30 p.m., Eastern time, a 1-for-10 Reverse Stock Split.
At the effective time of the Reverse Stock Split, every 10 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 2025 Annual Meeting of Stockholders on
February 20, 2025 and was subsequently approved by the Board of Directors on August 13, 2025.

Previously,
on August 9, 2023, the Company amended its Charter to implement, effective